NEW YORK (TheStreet) --The stock indexes capped off a huge August with the S&P 500 hitting another new all-time closing high, 2003, up 6.63 points. The DJIA was up 18.88 points to close at 17098.45 while the S&P 500 finished higher by 6.62 at 2003.36. The Nasdaq gained 22.58 at 4580.27 and the Russell 2000 was up 8.40 to finish the month of August at 1174.35.
For the month of August, the DJIA was up 3.2%, S&P 500 up 3.7%, Nasdaq up 4.8%. and the Russell 2000 up 4.8%. That is some huge upside.
But the August volume was one of the lowest in years. The S&P 500 Trust Series ETF (SPY) had one up day the entire month where the volume was over 100 million shares.
Thus, this all-time market high was achieved on air. The more I hear Wall Street pundits say it does not matter, the more bearish I become.
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In addition, do you ever here that the Barclays 20-Year Treasury Bond Fund (TLT) is up 17% for the year to date and the Russell 2000 is virtually flat? Can you say "growth slowing?"
This stock market has become nothing more than a gambling casino created by the Federal Reserve.
Former Reagan budget director David Stockman recently had a great quote saying the markets were like a branch casino of the central bank. Stockman said, "The Fed has destroyed the money market. It has destroyed the capital markets. They have something that you can see on the screen called an interest rate. That's isn't a market price of money or a market price of five-year debt capital. That is an administered price that the Fed has set and that every trader watches by the minute to make sure that he's still in a positive spread. And you can't have capitalism if the capital markets are dead, if the capital markets are simply a branch office -- branch casino -- of the central bank. That's essentially what we have today."