Wait a minute! What day was Friday?
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Wait a minute. Last Friday, June 29th, was the last trading day of the month. It was also the last trading day of the 2nd quarter. AND it was the last
[See the full post at: Wait a minute! What day was Friday?]I concur, short covering – but the real short covering action was in oil & copper, not as much in the broad market.
Do we remember when the sanctions will hit Iran? Sunday July 1st. Oil’s $7 bounce on huge volume (an unnatural move if I’ve ever seen it, in the absence of outright invasion) made a lot of somebodies a lot of money. Oil had done nothing but go down for 2 straight months. Thursday it had made a new low and rebounded modestly. Coiled like a spring, waiting for … pretty much any trigger to cause a snap back.
Isn’t it interesting how oil fell right up to the start of sanctions? Who would have predicted that?
Often these violent short covering rallies don’t lead to any real trend change, but the Iran sanctions (and accompanying newsflow) might change that.
One oddity: the $IBEX is actually looking pretty strong, steadily moving off the lows of June 1, refusing to go down in spite of all the horrid news in Spain. I can’t explain it, but there it is. When prices move in opposition to the newsflow, its probably a good idea to at least take notice.
Speaking of what day was friday, in one of those amazing coincidences that may point to some sort of synchronicity or historical rhymining rather than repeating, you’ll never guess what day June 29, 2007 fell on.
https://www.evi.com/q/what_day_of_the_week_was_june_29,2007
Yep, after the last day in February this year, our days have matched 2007 as to day of the week per numerical date. Now you all remember 2007, don’t you? You remember that the fed was doing everything in its power to hide the fact that the “wealth effect” of the housing boom was a lie and the carnage in the housing sector was rapidly eroding banking balance sheets, pension funds hither and yon and any municipality anywhere in the western world that had been stupid enough to fall for the derivative tranching scam courtesy of Wall Street. The non-stop lies on CNBC and the rest of the media about how stress on the economy were contained are now, in 2012, far more IN-YOUR-FACE but still they continue. After 5 years and several trillion dollars of debt added to we-the-people, I can only conclude that things are far worse than they were in 2007, but the pattern of false belief in stock market salvation continues in the media.
This is the way the stock market looked in June 29,2007 (a large termite mound prior to a flood):https://www.youtube.com/watch?v=8yKj5XIDvEo
Shortly thereafter all kinds of “unexpected” lack of profits from corporations (the early days of july 2007) started the reality checks coming.
Maybe 2012 is not a repeat of 2007 on steroids complete with the numerical calender days falling on the same day of the week but it sure looks ugly.
As long as we have billionaires, things will only get worse.
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