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Posted by on Jun 23, 2010 in Markets, TG Roundup

Another Crazy Action in Market Today

This kind of totally goofy market action is happening too often and too much. From Zero hedge:

The kneejerk reaction to the completely unsurprising FOMC statement was down… Which is why the corresponding 12 handle move up in the ES is perfectly understandable… as long as one understands that our market is totally broken. 12 handles in 1 minute as the market went offerless! Have fun with that. As we noted earlier, ignore the record low new home sales number: the algos will not let this market go until they melt it up to some level which Obama believes is sufficiently high to sneak at least 4 or 5 congressmen and senators in at the midterms. Good work computers – once again you have thrown out any marginal homo sapiens investors as anyone who doesn’t think in binary has now lost all faith in stocks for good.

If you haven’t already gotten out of this market – give a serious consideration to getting the hell out. This utterly crazy market with barely any human participation will get thermo-nuked one of these days. Gone will be the days of multi-million dollar bonuses by Fraud Street banksters for mediocre performance. Soup-lines for the Ivy League MBAs who destroyed the world’s financial infrastructure. I sure don’t hope so… For, no matter how much they deserve this outcome – it will make the rest of us suffer even more.

Look at the vertical ascent circa 11:45 AM today. You might think that there was some significant news at that time. There wasn’t any. In the 20 years since I have been engaged in stock market, I have never see this kind of bizarre action. If you still believe that the market is not manipulated, I have a bridge to sell to you.