My thoughts exactly:
“I also suspect that this selloff was not an accident, that it was possibly orchestrated by the Fed acting behind the scenes. The surge in commodities was becoming an enormous problem for them. Bernanke said at his press conference that there was nothing the Fed could do about it. That was a preposterous statement and it should have rung bells. While the Fed did not overtly ‘do anything about it,’ there’s no way that this is just the invisible hand of the market at work, in my view.
“The question now is whether the Fed will be able to control or mitigate the process on the downside. I have my doubts. Markets can be manipulated up to a point. When they become unstable, the reactions can become self-feeding and uncontrollable. The powers that be may find that there are unintended consequences. This is where I would hope that technical analysis will come in handy." Lee Adler, Wall Street Examiner
