Wednesday, May 26, 2010

Market manipulation

It's clear to me that the market is being manipulated by one person - the guy that makes those Dow 10,000 hats :)

The initial bounce never picked up much steam in the US and the weakening Euro led the market to rollover by the end of the day. I don't think any serious investors give a !#$$ about the Dow breaking 10,000 but it's worth noting I guess because the talking heads on CNBC will be in a tizzy trying to get us back over the magic number tomorrow.

Interesting things on the web tonight....

* Uh oh, S. Korea seems to have lost track of N. Korea's 4 subs. Maybe they're just sending them to the Gulf to help with the oil spill clean-up. However, these wacky moves by the North are disconcerting.

* China reviewing their Eurozone holdings -- "Representatives of China’s State Administration of Foreign Exchange, or Safe ... has been meeting with foreign bankers in Beijing in recent days to discuss the issue.Safe, which holds an estimated $630bn of eurozone bonds in its reserves."

* Moody's seems to have a bulls eye on their back.

* Mortgage applications fall to lowest level since 1997 as tax credit pulls demand forward.

Cheers!

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