Into Thin Air

by Rick Ackerman

Yet another timid opening tonight (Sunday) belies the violence, fear and greed raging just below the surface. At the closing bell on Friday, DaBoyz had a vise grip on bears’ cahones. Even so, the Masters of the Universe will need some sort of news, any news, to jack stocks higher in the days ahead. Last week it was the increasingly ridiculous story concerning ECB ‘stimulus’ that had the markets jazzed. By now, no one could possibly believe that offering 0.4% negative rates on big deposits could in any way improve the dire outlook for Europe’s economy. But if ‘investors’ had any misgivings about this, they were nowhere apparent by Friday. Both the German DAX and the Dow Industrials were back in bullish gear, continuing a rally that looks determined to blow out every bear still hanging on before trapping bulls at heights where hubris is bound to be as thick as the air is thin.

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