It began last evening with the dollar. The Friday high on the spot euro was 123.42. As brought to your attention in my MIDAS Sunday Special, the news for the dollar was bearish across the board. It was awful. The euro quickly took out the Friday high by a tick. That new high print was then taken down (very unusual in that time zone). After a rest, the euro made another high by a few ticks. That is when The Working Group on Financial Markets went into action, quickly taking the euro down 35 points from that high, for no reason other than their intervention. Not to rest there, they carried through today, taking the euro down sharply. The SEP euro closed down .60 to 122.35.
Why? Because The Gold Cartel wanted to make sure gold didn't take out $440 and they wanted to shore up confidence in the US stock market, which was under severe pressure last evening (S&P down over 9 points).
This leads us to the rescue of the US stock market this afternoon which had broken key technical support on the opening. Ever since 9/11 the PPT has stepped in to prevent the public from selling out due to "fear" concerns. I must have mentioned this at least 25 times over the years. Today was as ludicrous as ever. While energy prices were all over the place, crude oil and natural gas still closed much higher.
What you have here is a massive Working Group on Financial Markets derivatives operation, set in motion to affect the daily activity of the major traders on Wall Street. To fight these Orwellians in the very short-term from a day trading standpoint has been a loser, which the PPT boys have made very apparent the past few years. To follow them in the long-term will prove to be calamitous. As mentioned for days, these cretins have eliminated the public fear factor as far as the American public's investment decisions are concerned. Thus, more and more individual decisions are made with the rationale that nothing can ever go really wrong. What a "nightmare" this will be when this concerted derivatives operation blows up, AND IT WILL!
