Stocks Plunge On News Of Nell's Death

Stocks dove late in Wednesday’s session on news that the minutes from the January FOMC meeting were more than a little hawkish. From where we were sitting, the selloff looked like a brazen shakedown. It amounted to a 475-point reversal in the Dow, but that’s the kind of plunge that Wall Street’s thimble-riggers engineer whenever they are hungry for shares at bargain prices. For their part, the Fed governors seem convinced that U.S. economic growth is strong enough to handle who-knows-how-many more rate hikes without trouble. The Masters of the Universe no longer seem to care about dosage levels, but it seems predictable that this attitude will be validated shortly when stocks reverse after having fallen on news that was all too obviously ‘bad’. When observing the ceaseless, criminally manipulated ups and downs of stocks, it is wise to keep Oscar Wilde’s famous quote in mind: “One must have a heart of stone to read the death of little Nell without laughing.”  Similarly, one must be an imbecile to think that the spectacle of stocks falling on ‘bad’ news is bearish.

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