SPDR S&P 500 (SPY)

[Two-timer]

Hey, Fox. Da Boyz knew what was going to hit the fan as they allowed the indexes to crawl higher before Wednesday's close. Lee Adler at The Wall Street Examiner made an interesting point this morning. Two

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The Dubai World default is reported here, for the first time in the WSJ. It is dated Nov 25th, 7:53am, ET. It was Wednesday. The European market was still open. The US market opened 1 hour 37 min later. What happened that day, Wednesday, at the markets? US markets reached a fresh 13-month high.

Then the next day, Thursday, European markets dropped by 3% and US futures are down sharply. It took the market one whole day to read the Wall Street Journal and understand what is written there. Why?

This market is driven by millions of trained monkeys, some of them newbies, others trading for Barclays. But almost all of them do only one thing – they buy support and sell resistance. They have no clue what the economy in general is doing and what Dubai and default are, in particular. And yet they trade with trillions of dollars, mostly someone else’s dollars.

Every time I hear that the stock market is discounting all fundamentals and news, I’m shocked by the ignorance of the fact that this propaganda is designed only to make people trust their money to “professionals”. It’s a scam. The market is not discounting anything, The market is stupid and arrogant.