S&P 500 Futures Rally 70 Points, Then Fizzle and Go Red Again

That was some rally, no doubt taking out many shorts, but alas, the fundamental weakness in the world economy bears sway, and stocks are negative again. That was a powerful rally, suggesting that Wall Street perceives that the market is oversold, but the continuing weak data make it difficult to sustain any rally.

The Fed is likely to announce a new program of monetary inflation today or tomorrow. If they announce it today, it will be a sign of how urgently "Bubbles" Bernanke perceives the crisis to be. Even if they wait until tomorrow, it is still a sign of desperation.

Ultimately and eventually, they will collapse the entire financial system in their irresponsible hubris. Bernanke himself has stated that his policies are "unprecedented measures"; in other words, he hasn't the slightest idea what effect they will have in this complex and interconnected world. But like a foolishly arrogant teenager with a chemistry set, he won't stop until he blows up the neighborhood. That is his destiny!

Trouble this way comes! Big trouble!