[W]e are long beyond the point of debating the central bank intervention in equity markets (we do want to remind readers that until several years ago, it was considered “fake news” to even mention it, and those who accused central bankers of manipulating stock markets were said to be paranoid tinfoil basement dwellers), we want to point out that unlike the BOJ, which at least keeps its capital markets distortion local, the SNB, which likewise creates money out of thin air (then sells it for dollars in an attempt to keep the Swiss franc depressed) is actively resulting in even greater price distortions in the US.
The chart above may also explain why Goldman is bullish on the Nasdaq 100: after all, when a central bank can and does create money out of thin air, then splurges on the company [Apple] that accounts for 12% of the weight in the Nasdaq, pushing the Nasdaq and all indices higher, what is the point of even talking about “risk”?
—-And a favorite comment below the article from “I woke up”:
How to get people to agree to go to war.
Central banks inflate portfolios by directly buying stocks.
They coordinate pulling the plug, blame it on the Russians or Chinese.
CB’s rob everyone blind and the wrath of the people goes to whoever the media deems the culprit