Sorry, but garbage whose fortunes depend on a falling rate environment and improving income prospects otherwise urgently needed to prop up a mountain of insolvent real estate debt and related derivative securities the Fed in fact has been loudly proclaiming are still choking the banking system have all the promise of a golden renaissance in American manufacturing, that is as long as Capo Confetti is raining free passes on the gods of zero due diligence and other reckless business practices, thereby ensuring the shutdown of the physical and financial economy accelerates. Indeed, with its policy now no longer escaping the vocal condemnation of the German Bundesbank, we might like to check what portion of the Fed's monthly subsidy is propping up the Bank of Meredith (likely lumped under "Other," where CME and CBOE ops, too, probably are being funded).
Seriously, she couldn't have waited until, say, sometime early January when the so-called "fiscal cliff" might then be resolved, a feat whose intended gutting of federal spending thereby presumably would "insure" the market would have no need to front run a U.S. Treasury threatening to "crowd out" the private sector? And we are all just simply to ignore the fact the Fed's hyperinflationary bailout policy finds a massive bond market utterly complacent with the prospect of seeing the purchasing power of its investment shredded like a flag in hurricane winds! Truth is if rates go higher, the banking system is finished.
Why don't we just have a look at a couple of the better known darlings Meredith has suddenly taken a liking to...
Let's hope the Bank of Meredith is uber liquid, because Bank of America's weakening technical state soon could find it in need of being absorbed by a "stronger" peer. All I see, beyond trapped weak hands massaging Bernanke's pockets, is long interest patiently biding time to get O-U-T (which is more than you can say for AAPL these days, where the rush to beat the "fiscal cliff" tax hangman is just one tainted Chinese fortune cookie from turning into a stampede).
Mirror, mirror on the wall, who's the second pig in Meredith's stall?
Citigroup's on-balance volume has the look of Titanic. If that's accumulation, then there's good news for Citigroup shareholders. The Bank of Meredith is buying!
I had to go here tonight because the wards of the [insolvent] state were the standout leaders during today's trading. With absolutely nothing in the broader technical realm deviating from that precarious condition otherwise noted here over recent weeks and negative divergences everywhere, the utter fake that has been 2012 still stands out with far greater distinction than the heavily subsidized manufacturers of smoke and mirrors evidently are inclined to either fathom or admit. Isn't this always the way? How many landmines do these people think are impervious to the weight of trillions of unbacked dollars, never to be withdrawn or repaid with currency matching today's purchasing power?
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