Manipulation? Well, it’s pretty plain when the government deliberately releases a horrible Beige Book report early to coincide with BAC’s announcement to buy back 75M shares of stock and maintain its dividend--you know the fix is in. Do you wonder where the money will come from to pay this dividend and buy more stock if not from taxpayers via the discount window?

Do you realize that the Fed can buy GSE bonds [FNM & FRE for example] directly? These outfits can then just issue debt, sell it to the Fed and, presto!, money is created from rubbish? Do you then wonder why gold prices would fall and the dollar rally? I do and it gives me a headache. But not many are paying attention since they’re scrambling over one another to buy stock in socialized enterprises. “Make hay while the sun shines”, is the motto for traders.

Meanwhile, stocks continued their rally today as oil prices continued their sharp sell-off. Volume was heavy, particularly on the NASDAQ and breadth was positive. [Okay, I’m giving up on Yahoo/Finance given their unreliable and incorrect report.]





The most important thing for you to know now is that as much oversold as stocks were just 10 days ago they’re now extremely overbought.


























As to sectors let’s just focus on the few where most of the action is and that seem important overall.