CNBC Europe is More Credible Than CNBS US
This comes to you via Zero Hedge:
First Griffiths dissects POMO: “One of the reasons [for the surge] is POMO: what happens is the Fed buys Treasurys off the banks, the banks put the money into the market…That amount of money turns the algorithms up, then all the algo trading hits the market. Real life investment managers are not doing this buying. They know that equities are for losers.” And the stunner: “The S&P is being effectively goosed up by the Plunge Protection Team – they can keep doing this for a little bit longer… But according to me the April high will not break…as…all of those Keynesian stimuli did not work.” As for bonds: “There is an old saying, don’t buy the Fed – yields will go down. Even now you should be buying bonds and not equities. The bubbles never burst when wiseheads in the media tell you it’s a bubble that’s gonna burst, they burst when they’ve given up on that and tell you this time it’s different.”
The hi-tech looting at wall street is amply proven. Please see this.
I believe it is one of the reasons – not the ONLY reason. SEC is covering up for other big looters. Waddall and Reed is a scapegoat.