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November 12, 2009


Any long-time reader of this blog knows we believe markets have been manipulated. Today, Jesse’s Café Americain clues us in as to how the Fed and Treasury may manipulate bond auctions to their advantage. Also, last night we got news of the Hewlett-Packard (NYSE:HPQ)-3Com (COMS) deal and today comes this story from Bloomberg regarding probable insider trading before the deal was announced. Such is the disrespect for SEC enforcement agents Da Boyz have while some are being locked up for insider trading. It’s business as usual for others.

These types of stories, the two-way action and light volume, are why we’re carrying such light positions with everything we’re doing. Those aside, let’s move on to today’s lousy action.

Bulls got the news they wanted from better than expected Jobless Claims but in the end unemployment was still viewed negatively which finally makes some sense. Also earnings news is just about done for this quarter.

Volume was ultra-light and breadth quite negative while investors search for something other than the dollar carry trade to drive prices higher.

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Source: Friday Outlook: Selling Returns