Stock Rally Brought to You by the G-20

The world's largest buyers of everything are converging on Pittsburgh and all anyone wants to know is if they still have an appetite. After taking down about $14 trillion in everything from bonds, to stocks, to infrastructure plays, to guarantees, are the nations that make up the G-20 finally about to stop their buying spree?

Nothing's more clear to me, as these heads of state convene in Pittsburgh, that, other than some slight demand out of China, very few real buyers of stocks are willing to credit real economies with any real activity. Most people I deal with are willing to give the 3000 points off the bottom some credence provided that we accept that they were bought and paid for by governments and not by "real" buyers.

In other words, even the bulls think that the main reason why things have "worked" since March is that the central bankers have printed money they didn't have -- again with the exception of China -- and when they stop the bear market will simply resume.

For them this rally's been doomed from day one. They either have to stay short or sit on the sidelines until the central bankers see the futility of their ways and pull back. At that point the market will come crashing back down to where they started pumping or go lower even and all avoidance of the gains will be vindicated.

These G-20 camp followers do not believe there is any real demand in the system and they do not believe that there will be any real jobs created. They think that the housing bottom isn't real because it is all subsidized by G-20-like buying around the globe and they think that the auto industry would sink back to 8 million sales from what looks to be about 10 million in sales right now.

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