Despite Traditional Late Day Ramp, S&P Adjusted For Purchasing Power Lost Is Again Down For The Day
Has it maybe ever occurred to any of our glorious regulators that the reason why nobody has any faith left in the stock market, which has become just a teetering house of cards, supported constantly by the Federal Reserve Bank of New York, is due to precisely the kinds of totally nonsensical ramps in the market just as the one we are witnessing right now? Consdering that the economic data could hardly be any worse, how is anyone supposed to trade this complete binary gibberish? We realize there are another ten minutes in trading, which means the S&P will likely make another valiant attempt at 1,150 just to get nothing but more algos to do the buying once limits are triggered. Whether it will succeed is irrelevant, as nobody trades any more, precisely for this reason. And the end result will be merely another flash crash, that will drive absolutely everyone out, up to and including the last few vacuum tubes remaining.
And most ironically, when expressed in gold, even today's utterly nonsensical ES ramp is still down for the day. In other words the stock surge did not even offset just today's loss in fiat purchasing power.
Updated for close: ES closed 4 points higher on the day, while the ES VWAP shows a 4 point loss. Nothing more to add here.