Tomorrow we will know who will ruin, I mean rule America for next four years. MSM is speculating the reason for the rise in the stock market today. Each has own spin as to who is going to win and the regular folks are caught up in the heat of the debate. Little do they realize that it does not matter who wins, the kleptocracy always wins. All they are going to get is four more years of bullshit. Even when the bull changes, the bullshit remains the same.
I have been writing for quite a while that we are going for a bounce before we can see any meaningful correction. And I am not sure how many ways I can spin the same story every day, because the theme has not changed, despite all the news and noise. Folks forget that it is the price action which creates the news not the other way around. You can give any reason to the rise in stock prices but irrespective of the reasons, it was to rise anyway.
So no new charts today to show you anything important. I am sure you will be watching the talking heads with their fancy presentations to find out about the winner. But instead of congratulating him, maybe we should pity him because cycles are saying that he has very rough roads ahead. In comparison, the last 4 years would appear to be walking in the garden. Again, it does not mean the world is going to end tomorrow. Not even in the next few months for that matter.
For me, the most important news of the day is not who wins the election. It actually came from down under. A court in Australian has found S&P guilty of misleading investors. This is a watershed moment folks. There were many parties responsible for the 2008-9 financial meltdowns. No doubt banks were at the front and centre of that fraud but I think it could not have happened without the active participation of the rating agencies. These rating agencies gave AAA ratings to toxic papers and should be held accountable as such. Australia has shown the way and I hope courts in UK and Europe follows through. I do not have much hope that justice will be served here in America but at least somewhere in the world these crooks are being served the punishment. Way to go Australia. You are the last hope of the free world.
Coming back to market, if MR wins, the stock rally will be attributed to that win, however absurd that may be. Give it any name you want but such a rally has been on the cards for a long time and I should short such a rally. If you remember my earlier call, get out of the long position on the coming rip.
Many of you have sent donations at the start of the month and my sincere thanks for each of you. Although I am not very active in the Twitter during the day, the blog has remained focused despite the setback from google and your help and support is more important than ever.
I hope we all will be able to make some money in the coming months. Just shut out the noise and remain patient.