by Karl Denninger
Market-Ticker.org
Hope springs eternal — or more-accurately, perhaps, the media is always looking for suckers along with the brokers.
Recent price action has to a rather-amusing divergence of opinions: On the one hand we’re about to crash in the markets, perhaps not literally enough to feel like it, and on another we’re sitting on critical support, it is going to hold, and there will be a big rally.
Sounds like a great time to buy, right?
There’s a serious problem: The cash furnace firms are still running cash furnaces; they have to, since that’s all they got. But the monetary games that allowed this to be done and show “decent operating results” are over — and there’s no reason to believe they will come back.
Ever.