The stock market has become such a farce that the NYSE should just put a banner on the building:  "Sponsored by the U.S. Government".  Effectively, the government is issuing debt to buy equities, through the QE2 mechanism, in an attempt to paint the picture that pension funds are solvent.  To call the current situation fucked up would be an understatement.

I'm going to switch to a month-end posting of the fund battle results as the weekly thing is a pain in the ass, nobody reads this blog anyway, and monthly is enough for a long-term position.  For those who might care (namely me), the wealth fund is still up about 3% over the investment fund, even with all the year-end book-marking and daily precious metal raids.  I wouldn't be at all surprised to see this continue to narrow as we approach month-end.  End-of-year prints are notoriously hilarious.  Active traders will probably have a field day fading anything that's marked up too idiotically.

Posted by: Hermit Dave at 03:16 PM | No Comments | Add Comment
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