As America celebrates our 240th birthday and the central banksters of the world celebrate their short squeeze rally of the past five sessions, the truth about where this stock market is somewhat murky.
I listen to many of the stock market ‘call in’ radio shows not for advice; but to gauge the sentiment of the sheeple, those poor, stupid suckers who held on to Bear Stearns, Washington Mutual, and General Motors because some ‘broker’ on the radio told an old lady that they could never go out of business, even when they were all trading under $5.
Guess what?
The stupidity is back.
What I heard on the radio last week is no different than what I heard in the late summer of 2007 and the charts look hauntingly familiar; maybe not so much in price but definitely in pattern.
For example, here is the chart for Goldman Sachs in August of 2007 when mysteriously, their stock rose one late afternoon dramatically the day before the Federal Reserve announced a ‘surprise’ rate cut; a surprise to everyone but GS as they are one of the controlling banks of the Fed, but hey, details and facts do not matter to this investing public:
This post was published at John Galt Fla on July 4, 2016.
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