MARKET COMMENT
September 10, 2008, courtesy of Dave Fry.
After reading this article today and my blood was boiling. Do you think Americans will get or even understand this news? Are they too busy trying to make ends meet? Or worse, are they just listening to fluff that passes for news? I don’t know but we need a revolution to get rid of the entire congress. How about term limits as a starter? [good idea – Ilene]
Change? What BS! 
So what explains today’s rally in stocks? Not much I can see. Even Briefing.com was at its usual loss for words when there were a couple of prices spikes around 11:30 and again around 2:15: “…there is no known catalyst for the move higher”. Basically, it’s called program trading. Da Boyz need to trade. It’s what they do.
LEH says they’re going to “auction” some of their assets so the joke regarding putting themselves on EBAY may not have been off-base. At the same time WM is in a death spiral. The dollar rally and gold sell-off continues. The beat goes on.
Volume was lighter today on what passes for a rally and breadth not too remarkable.
You can chalk today up to an oversold bounce but the news overall remains horrible. Some hope declining energy prices will provide a lift to consumers, but the real message seems economic weakness which restricts spending.
Meanwhile two major financial companies, WM and LEH are on the ropes so it seems. Another weekend bailout and/or takeover in the offing? It’s becoming a habit.
You can’t be happy reading about the scumbag lobbyists who dominate each political party. The change mantra is a Madison Ave. joke. Politicians will never vote themselves out of office but a constitutional amendment restricting terms would be a great start to solving corruption problems. Unfortunately, it will never happen.
Have a pleasant evening.
Disclaimer: Among other issues the ETF Digest maintains long or short positions in: SDS, QID, SMN, SIJ, DUG, XLV, RXL, XLP, UGE, IEF, TLT, UUP, DRR, DBC, DEE, USO, GLD, DZZ, EFA, EFU, EEM, EEV and FXI.
