-- Posted Wednesday, 6 June 2012 | | Disqus

Index futures were wafting higher Tuesday night, made buoyant, presumably, by the absence of volume and an apparent dearth of sellers. For DaBoyz who run this nightly carny game, such rallies present an opportunity to induce a short-covering panic. Just the thing to distribute shares to widows and pensioners who still don’t suspect that the stock market may have entered a bear market. At the moment, however, the missing ingredient to produce the wished-for buying panic is some mote of news that might support Wall Street’s cherished mirage of a world in which troubles, finally, are melting like the lemon drops of song.

Not in Europe, though, and not tonight. Usually, when we see the Mini-S&Ps up 10 or more points late at night, as is the case right now, it means that delusions about Europe getting past its financial crisis are waxing rather than waning. This evening, however, we are seeing a bizarre inversion of the usual dynamic. For stocks are rising in Asia not on speculation that Europe has resolved some aspect of its dilemma, but that it can’t and won’t. Specifically, it is Spain that is getting pummeled today, shunned by the credit markets and worried that it won’t be able to meet payroll if it doesn’t receive a fresh infusion of credit, and pronto.

Years of Claptrap

In a financial world not run by crooks, sociopaths and imbeciles, this would be taken for bad news. But the markets are in fact controlled by such types and worse, and so we see shares rallying tonight on hopes that Spain’s increasingly dire plight will call forth yet new and vast sums of stimulus money – and not just for Spain, but for all of Europe. It is an affront to civilization itself that this kind of thinking should rule global markets and therefore, in some fashion, our daily lives. Even though it has been going on for years, it beggars believe to think that anyone even remotely believes such claptrap. Certainly not the crooks and imbeciles who gamble with Other People’s Money (OPM) as though it were…other people’s money. Not a one of them could possibly expect a happy outcome for Greece, Spain, Italy et al. But when it comes time to place their bets, they toss their chips onto the “pass “ line, sticking to their story. For its part, the news media, ignorant and complicit, claps with the dim enthusiasm of a trained seal. For seven days’ free access to all of our services, including detailed daily trading recommendations and a 24/7 chat room that draws traders from around the world, click here.

-- Posted Wednesday, 6 June 2012 | Digg This Article | Source: GoldSeek.com

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