Every morning at 6 AM, I check the dollar first to see what happened during the night. This morning I noticed that the dollar clung so tightly to the 93.2 level that I figured that AG was definitely riding herd on it.
Then as I sat down at 9:00 to recheck all of the pre-market signals, I could see that AG had ramped it for the market opening and I knew that there would be a significant amount of after-burner action today.
Here is the real 'stump puller' though--AG is smart enough to know that he cannot win this. Reflating the biggest equities bubble in history is such a desperate plan, a fool's errand really. I believe that he knows that this cannot have a happy ending because, even when he props the market, he only ramps it enough to get a flat day or slightly up, not a real barn-burner. It's like his heart isn't in it, because he knows that if he puts enough ramp-jobs back-to-back, the Dow will be at 11,700 by fall with no earnings to support the run-up. Tadaaaaah--the big casino!
All I know is that if this continues, I plan to be as short as I can stand going into the September/October period.
schloss
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