The only thing holding this market together is a combination of government deceit, POMO, and Blankfein baby batter. The fragility of the sham is evident this morning, as the NQ was down 23 points based merely on one man – Steve Jobs – taking a leave of absence from one company – Apple. This is one company out of thousands on the NASDAQ, but it is also the torch-bearer for hopes of everyone in the country becoming a multi-billionaire via the public offerings of Facebook, Zynga, Linkedin, Groupon, and God knows what else. Hell, at this point, Slope of Hope should go public.
In any case, the NQ was down even before the Jobs news (since we don't have the US banks interfering with the truth this holiday weekend), but it really fell on the Jobs announcement.
I have only one long position – GDX – from which I expect nothing more than perhaps a small profit before I reverse it back into a short. My largest short out of sixty-seven of them is FXE, which is banking on the Euro resuming its fall. So far, that's going pretty well:
This will be the day's only post – – it's a holiday, after all, and your subscription price only guarantees one post per day anyway – – so I'm going to go to Other Things now. See you in the morning, by which time the hoodlums on the Street will surely have fixed things back to normal for our bullish friends.
