Global: Markets Up But Why?

Friday, October 31, 2008

Mutual fund manager's are trying very hard to improve the Oct 31st month end portfolio NAV....I am in complete agreement with the sentiments expressed by Jesse:

Even in a "Market Meltdown" and in a "once-in-lifetime-panic..."
....the other people's money (OPM) managers can still find time to paint the tape into the end of month.

When this coat dries, they *might* try to slip on one more layer of paint before the weekend, but if we break to the downside we would look for a complete retrace of this rally to retest the lows.

Why? Because it is based solely on speculation, market manipulation and experimentation by the Fed and Treasury. It is not based on anything organic to the economy, neither reform nor restructuring.

Wall Street corruption is one of the biggest impediments to an economic recovery. It has become an inefficient obstacle to capital allocation, price discovery, and real economic growth.

The US financial system represents a general systemic risk to the rest of the world because of the manipulation of the US dollar as reserve currency to serve the short term secular interests of a small but powerful financial elite.

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