There was nothign but horrible economic news yesterday, last night and today with the sole “exception”, possibly, of China’s PMI coming is under 50.0 but not as much under 50 as projected.
Leaving aside the fact that China’s statistics are even more reliably slanted to the upside than anyone else’s, the PMI was still showing contraction.
Meanwhile the US GDP first read is coming in barely above 0, consumer spending seems to have cratered, and so forth.
Add that all up and what is Team Elite to do?
Smash gold and V-bottom stocks, obviously.
And so they have, in spades today.
None of this has to make sense, and sometimes I’m convinced that’s actually the point. The more confused your quarry is, the better the chance you have of forcing it into some sort of paralysis or major mistake.
In a long list of major corruptions, today’s “”market”” action stands out as particularly and obviously rigged.