Let’s be honest: Giving the Fed more control over the economy is just handing our economic future to the Primary Dealers (aka, money center banks) and those countries we’re in debt to. It’s scary and upsetting.
There’s nothing wrong with the financial system that couldn’t be cured by putting Glass-Steagall back together again. This would take the banks out of the brokerage business and kick the fox out of the henhouse. But that won’t happen given the entrenched powers that run all things in DC.
I thought we’d have a more entertaining day given news releases and the start of quad witching but, aside from the initial ramp, there was little of interest. The selloff in bond markets was ignored by headline writers for some reason. Their decline may be the reason markets were so constrained today. Tomorrow is another day and that should create more volume if nothing else. And, it looks like bulls jumped on RIMM late driving the price nearly 6 points off the low. This type of action reflects more options expiration nonsense no doubt.
Let’s see what happens.
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