When your government gives you the greatest license to steal in financial history and also finances you 100%, you‚Äôd better be able to make some serious money‚Ä¶..and Goldman Sachs does. Just the prospect of their earnings announcement (set for Tuesday before the bell) ran the markets through the roof Monday. But one company does not an earnings seasons make. They will announce sky high profits but don‚Äôt forget they have the only franchise of their type in the world. Other financials will also be reporting this week but their good numbers depend solely on reporting assets on their books at exaggerated values. With few exceptions the, the average S&P corporate earnings will be down 34% from this time last year, your basic disaster.
I‚Äôm predicting a week of markets run up this week by the market makers‚Ä¶..then hold on to your hat for the down draft. Today it was a 2% rally for stocks across the board with the S&P financial index up 6.5%. The stats are‚Ä¶..The Dow Jones industrial average .DJI rose 185.16 points, or 2.27 percent, to end at 8,331.68. The Standard & Poor’s 500 Index .SPX was up 21.92 points, or 2.49 percent, at 901.05. The Nasdaq Composite Index .IXIC was up 37.18 points, or 2.12 percent, at 1,793.21. Now you‚Äôll be hearing ‚Äúthe bottom is in‚Äù. Stay nimble or you‚Äôll get hurt.
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Will Goldman Sachs become the next Fed? Or are they already?