The Market of Make Believe

Don’t worry, Eric “The Great” Holder is on the job and he’s got your back. He has the Department of Justice investigating those evil oil speculators again on orders from Obama. High oil prices are in no way influenced by the entire Mideast which is in meltdown mode or the Dollar (U.S. Peso)  exhibiting a rapid flesh eating disease, consuming itself on a daily basis. I guess they felt the need to investigate the demons in the commodity pits after they just had our country downgraded by S&P. Not that know what the f#@% they are doing.

Goldman made their “commodities have topped call” when crude was at about $ 113.50 a week or so ago. Crude moved down to about $ 105.50 on the report, but closed yesterday at $ 112.30. Was Goldman wrong or were they just ringing the register on an amazing trade? Goldman could make billions out of a phone booth and most of their “big” calls become self fulfilling prophecies anyway. Since their big call, gold and silver have gone on to make news highs and oil and materials are rebounding nicely. The dying dollar trumps Goldman here I think.

We will see about 170 S&P companies report earnings next week. The Fed may telegraph some more nonsense next week as we hang on to every syllable, we also will be closing in on the end of the month, so the serial performance chasers will be out in full force.

It’s crazy time again at Stock Market Inc. and my head wants to explode at least three times a day from all the insanity, but this is the best trading market I have ever seen. So I ask the powers that be, please continue to kick every can you see down the road. Remember, the market is not the economy. Obviously.

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