I'll admit it... I don't like Ben Bernanke and I don't like this market. I don't like how he and his FED buddies continue to feed their banker friends free money. I don't like how the wealthy are that much more wealthier, while the rest of this country struggles to make ends meet. I don't like how this market continues to ignore reality. I don't like how people can pay to get information before the rest of us. I don't like how multi-billion dollar corporations pay less taxes than I do. I don't like that the government bailed out everyone.
Bought a house you couldn't afford? Took out a second mortgage on a primary mortgage you couldn't afford and then used the proceeds to buy a car and all the latest electronic equipment? Let's forgive their debt. Why not... when we have honest, hard working Americans, who save their money, and live within their means and are willing to foot the bill for everyone else's ill advised actions. It's all for the greater good of the country right?
Back to our buddy Ben Bernanke.
While he was busy smirking for the cameras, honest, hard working retirees were saddled with decisions they should never have to make. "Do I have to go back to work?" - "How am I going to pay my bills?"
I agree, we all benefit from a return to prosperity. Yeah... I get it. If our economy plunges into an abyss we are likely all screwed. But why are we giving free money to those who put us in this predicament in the first place?
The diligent, efficient, and productive members of our society... who actually created and built things... get bent over a barrel while the "financials geniuses" who simply move money from one asset class to another, and create, build, construct absolutely NOTHING, get massive bonuses and pay raises.
It is just one of many reasons why this market is so easy to hate.
"Central Banks are inflating another bubble!"
"We are setting up for a massive collapse in stock markets around the world that will lead to a deflationary death spiral"
"The Federal Reserve will keep interest rates at zero until this collapse comes and then run for the hills."
But lets not get all depressed about the future and focus on the now. The now is everyone hates this market. They think its headed lower, and it very well may head lower, but the break of $SPY $184 today brings some hope back to the bulls.
Futures are up solidly here, and a move back over $185 could be setting us up again for new highs in the short term. The key is staying above $184. A break below that level again would make this market a perfect sell.
It's been a great traders market the last few sessions. Violent rips higher, dramatic declines lower. Its a tug of war.... who is going to win?