What a Farce!

It's up! It's down! It's UP again! It's DOWN again!

And now, it looks like it's starting to go up again!

Stocks Reverse Again, Rocket Higher Following Kocherlakota Speech Promising Still More Fed Intervention

from Business Insider:
Today, Minneapolis Fed President Narayana Kocherlakota, is suggesting we may need even more stimulus to get unemployment down and the economy humming.
The dovish Fed official employs buzz phrases like "whatever it takes," and he even suggests the Fed should ignore warnings of asset bubbles as it stimulates.
Quoting Kocherlakota:

"Doing whatever it takes in the next few years will mean something different. It will mean that the FOMC is willing to continue to use the unconventional monetary policy tools that it has employed in the past few years. Indeed, it will mean that the FOMC is willing to use any of its congressionally authorized tools to achieve the goal of higher employment, no matter how unconventional those tools might be. Moreover, doing whatever it takes will mean keeping a historically unusual amount of monetary stimulus in place—and possibly providing more stimulus—even as:

• Interest rates remain near historic lows.
• Economic growth rises above historical averages.
• Per capita employment begins to rise appreciably.
• Asset prices rise to unusually high levels, leading to concerns about “bubbles.”
• The medium-term inflation outlook rises temporarily above 2 percent.

What he's really saying is that they won't stop until the blow up the house. This is the level of ego and hubris of this Fed. And they'll succeed -- at blowing up the house!

And stocks have reversed again and are moving higher, after going back to dead flat.

Stocks Give Back All Gains, Now Lower

Stocks Scream

The economic news must be terrible, because stocks levitated 100+ points in the first 30 minutes today.