GROWL: Gotta hand it to the PPT

They truly are amazing when they’re on their game. I mean, a 12-handle ramp-up on the SPX with no volume, no news, and no reason what so ever in that closing 45-minutes of trading yesterday. Simply amazing, really. Bravo. Take a bow, lads.  Gotta get that DOW back near that ever-vital, completely totally important 10,000 mark again.  Got my DOW 10K v3.0 hat all ready for the occasion.

Well, for today we have people openly talking about a jobless “recovery” imploding into a jobless depression (OK, depression was my choice of word).  Credit seems to be drying up a bit (again) in one of the PIIGS, Merkel and Sarco are escalating their feud (which can only be great for the Euro and the credit/debt markets, right?) and central banks obviously feel they don’t even have try to hide their blatant, if it were done by a truly private enterprise it would be illegal, manipulation of the FX markets.  Meanwhile Wolfram and Hart Goldman Sachs did a nice data-dump on the FDIC earlier in the week – meaning they must want to be bury something.

Just another glorious day in “free market” Paradise, comrades.  Good luck!

UPDATE: More awesomeness on housing…

Without “tax credits” and other distortions, there simply are no buyers at the current prices – even with grossly-depressed rates on 30 year money under 5%.

The bottom line is that the solution to high prices is lower prices, but that requires that everyone up and down the line, most important the banksters who loaned money imprudently, accept the losses they made when they wrote that paper.

Yeah, I look forward to that happening in 5… 4… 3… 2… NEVER.