"MR BERNANKE, IS NOT WHAT THE FEDERAL RESERVE DOING IN FACT A PONZI SCHEME?"
I hope some reporter has the balls to ask the Fed Chairman that point blank tomorrow and get aggressive with the facts that Primary Dealers are acting as Ponzi agents for the FED and then selling bonds to the FED within weeks of initial buy. I can see it on the DRUDGE REPORT plastered in big letters "FED STUMBLES ON PONZI SCHEME QUESTION"
Ah, but that would be too close to reality. Instead I presume the reporters were "screened" and will throw softballs for 30 minutes. Or at least present questions that can be gobbledygook in some economic-academic-vomit-speak until time is up.
Wall of worry?
Yeah do you think the worry will abate 100 SPX points higher? 200 points higher? The "cat is out of the bag" so to speak. The debt is there, will not recede, and will only get worse. The Fed is boxed in people. The World is boxed in.
The wall of worry will only grow taller as the total systemic debt gets bigger.
[Update 5:10PM: Some Minor 4 potential counts. We have three down and so far clearly three up.]
ORIGINAL POSTThe Wilshire5000, or the total market, rose to touch 13,350.68 intra day. This is where Intermediate wave (C) = .618 times the price length of Intermediate wave (A). The exact ratio price is 13,350.98 so it came within 1/3 of a point. The market then fell back from this spot in what could arguably be 5 small intra-day waves down.
The SPX came within 2 points of its .618 x (A) relationship when it almost hit 1350 SPX.
A very powerful wave relationship of at least Intermediate or even Primary size has been fulfilled.