We can point to any durable goods or new home starts data we want, but it’s all nonsense.
The American Taxpayer saved the day and stepped in, willingly or coerced, and put the bottom in.
Fundamentals would have told you to run as far as you could and then run some more. Technicals would have had you short. Quants would’ve been too busy rearranging their Netflix cues to bring Battlestar Gallactica Season 1 to the number 3 slot behind Hellboy 2 and Cloverfield.
China didn’t pull us out, nor did Bernanke, nor did Obama.
No factor you could site or name (yes, including the Fed) had more to do with the massive rally in stocks than the American Taxpayer – so Bow Down.
BOW DOWN IN THE PRESENCE OF GREATNESS!
‘Cause guys…the taxpayer saved your skin. All praise due.
Amidst mindblowing unemployment numbers and horrendous household balance sheets, the beleaguered US Taxpayer was called upon as the funding source of last resort, and let me tell you something…the US Taxpayer stepped up and put the bottom in, whether they should have or should not have.
Whether the rally fizzles or continues is no longer the issue. All that counts is that American working people came in when all was lost and now there’s liquidity once again. Recession or not, you can do stuff now.