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Your Tax Dollars At Work Through the Plunge Protection Team 10/14/22

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The Federal Plunge Protection Team (PPT) swung into action early yesterday, triggering a marketwide short squeeze with spectacular results. But these interventions can only last so long. The market must then sink or swim on its own. 5 day cycle projections on the ES 24 hour futures chart of the S&P 500 says that this one will swim to a target of 3725, and then start sinking again. 

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The problem is that buying spikes like this in an environment where there's a shortage of liquidity that is constantly getting worse only serve to weaken the market, which must repeatedly lead to lower lows.  

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34 minutes ago, Jimi said:

Last thing I saw on Bloomberg before I went to bed last night was that guy reassuring everyone how he was going to be sticking around.

LOL.

https://www.bloomberg.com/news/articles/2022-10-13/kwarteng-says-he-s-not-going-anywhere-sticks-to-economy-plan

 

That story get's even better:

Kwarteng did fly to the IMF meeting in Washington on Thursday. Then he get's called back by Truss. Flies back to London, just to get sacked there, then he flies back to Washington today.

:lol:

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2 minutes ago, fxfox said:

That story get's even better:

Kwarteng did fly to the IMF meeting in Washington on Thursday. Then he get's called back by Truss. Flies back to London, just to get sacked there, then he flies back to Washington today.

:lol:

Shortest-serving Chancellor of the Exchequer in over 200 years whose term was otherwise not cut short by death.

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