Friday, July 01, 2011

This circular logic will make your head spin

So, stocks are up again (this week has been an amazing rally on next to no news - I have some theories that I'll share later) and here's the basic narrative from the press:

"Stocks rise after June manufacturing shows a rebound."

Well, yes the headline was up a little but the composition of the data was relatively weak and actually shows that the economy is sliding backward. Huh, so shouldn't stocks be down?

Not in today's market where bad news = hope for more free crac.... I mean money, from the Fed = higher asset prices = higher stock prices.

No go out and celebrate the Fourth by flying your G6 to Nantucket while the 44.65 million Americans that are on Food Stamps fight over the scraps at Walmart.

Cheers!

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