Friday, March 20, 2009

Morning Update/ Market Thread 3/20

Good Morning,

The magical “miracle” that is our corrupt and gamed markets was down all evening until this morning when the broad market took another hit of the crack pipe and rocketed 120 DOW points in the past hour:



This market is the exact opposite of “free.” The action in gold and bond options prior to the FOMC announcement are just sickening and disgusting – only the latest example of such manipulation.

There is no economic data today, Bernanke delivers a speech at noon Eastern time.

IYR is still down on SPG's stock dilution, be careful in that space if you have open positions. Financials are, or where, down as well, bonds are up, the dollar's up, Gold and oil down, SPG like a stone.

Of course today’s options expiration, the fun and games will continue at Goldman’s and Morgan’s discretion. Oh, and the bond market will behave at Bernanke’s discretion (who of course works for Goldman and Morgan).

Have a great free market day!

Nate

Styx – The Grand Illusion: