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POMO Continues to Support Market: Dave's Daily

One pundit wondered Tuesday if POMO ends in June will the economy be able to stand on its own. The better question might be can the stock market stand on its own? But, that issue is too far down the road thinking since today the barkeep keeps serving his POMO special.

So markets continued to rally due supposedly more M&A featuring Microsoft's (MSFT) buy of Skype and better growth data from China. Ignored was the steep 2.2% rise in import prices which will be passed on to consumers to mark the inflation supposedly we don't have.

Commodities resumed their rise despite last week's higher margin induced slaughter. Tuesday exchanges increased margins on energy and later on corn. This speculation must be contained is the political thinking. You must wonder who many insiders are on the other side of these trades.

We're starting to see the first signs of bodies floating to the surface from last week's commodity bashing as Blue Gold Capital Management loses $500M in energy markets. Remember, some insiders also clear trades and have no problem trading against their own customers.

Meanwhile, European investors are pretending some of their members' problems will get papered over (literally) causing markets to rally.

Volume was once again quite light which makes it easy for HFTs to pump prices. Breadth was quite positive again per the WSJ after three rally days.


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