BTFD - Change of Underwear Edition

As they say, a picture is worth a thousand words.  So the 'technical' view of the market presented below needs no further comment, except to say that there is lots of pain, but no sign of capitulation.  And as far as the fundamentals go, today's punk jobs number, last night's China PMI number and the ongoing European Debt saga are keen reminders that global macro risks have never been higher.  Therefore, there remains a MAJOR disconnect between Wall Street's view of the world v.s. reality.  A divergence that is already closing, and soon to be sealed shut:

BTFD until the SHTF

Buy the Fucking Dip [BTFD] - that's Wall Street's mantra these days.  And why not, it's worked well for most of the past three years, save for a couple of notable market meltdowns.  As I have said before, Central Bank liquidity programs are payoffs for large institutions to look the other way to risk.  Therefore, not withstanding worsening fundamentals in Europe, here in the U.S., and in China, I have yet to find one stock analyst saying that stocks are an outright sell.  Small investors, on the other hand, having just gotten unfriended by the Facebook IPO, are selling big time...

Faceplant: Wall Street's Biggest Pump and Dump

facebook went public today and the IPO debut was a total flop.  Once again, retail investors were conned into another massive internet pump and dump.

Don't Worry, Be Happy !!!

Don't Worry, Be Happy
That's the public service message from the world's Central Banks to all of us in the general public, and especially to Wall Street.

When Bernanke embarked upon Quantitative Easing, three years ago in early 2009, he said at the time that the new policy (of printing money) would have unintended consequences.  In Donald Rumsfeld's terminology, "unknown unknowns".