Apparently, the rumor mill today needed a higher fascist authority than the ECB to prop up the hopelessly insolvent trans-Atlantic banking system going into the weekend, leading Team Fraud to trot out an eminently impeachable murderer masquerading as President of the United States.
Now, the only relevant question is whether the Romney campaign will rise to the occasion and virtually assassinate the President using his own ammunition. But by replaying the part of today's White House press briefing where the President suggests that, Greece remaining in the EMU is in the national interest will the gun be loaded. Then, featuring a reenactment of Greek pensioner, Dimitris Christoulas, blowing his brains out near the Greek parliament on account of his sense of hopelessness in circumstance blessed by the United States will the fatal bullet be loosed, hitting its mark with the punchline: "The President's bailout/austerity policy is the kind of 'no brainer' only a suicidal murderer could bless."
All I can say at this point is that it will be fun watching the President do his best George W. Bush imitation when the banking system craters following the upcoming Greek election. Remember it? The guy was about as well spoken as tree bark in the face of the '08 crisis — a general intellectual paralysis turned to the noises a blender makes when you press the "chop" button. Not the proudest day to call yourself an American. And being that a Harvard education is proving as worthless as CDS still choking JPM, there's a good chance an even juicier sophistry sandwich than the one the President served up today is on the menu. Certainly a more laughable, well-spoken worthless which to look forward to.
Listen, Obama better be fixing to sick a drone on Congress if he thinks one thin dime will be forthcoming during this election year to bail out the bonafide insolvent euro-zone. Otherwise, today's stated "commitment" to prop up Europe is as empty as the man's soul.
Adding to what now are negatively diverging index relative strength and momentum is the NYSE new 52-week high-low differential, likewise negatively diverging. There are two ways to look at this. Both spell doom.
The first (and most directly relevant) view is that a combined increase in selling restraint (trimming the number of NYSE-listed issues hitting new 52-week lows) with a pickup in buying of the handful of momentum darlings propping up the overall market (increasing the number of NYSE-listed issues hitting new 52-week highs) is having muted effect, as the NYSE Composite index trades lower today than in late-May.
This circumstance dovetails into the second coffin nail revealing that, central banks and hapless national treasuries — both prostrate to a fraud-rife Frankenstein — are not the only institutions trapped in a "damned if they do, damned if they don't" paradox. The picture above showing the position of garbage lovers likewise reveals these too are trapped.
Best advice going into next week is pick up a box of "Depends." Better to be prepared for the hysterical laughter you are likely to experience with each new proposal to "save" Europe coming from worthless pawns on both sides of the Atlantic, as these play their assigned parts in a game of make believe, pretending to be "leaders." Maybe a letter to your congressional representative (particularly if he or she is not a co-sponsor of HR 1489) is in order, too, this requesting your purchase be made tax-deductible, just to drive the message home, as well as prove two can tango when it comes to telling rude jokes.
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