Friday, April 15th, 2016

Wall Street throwing Temper Tantrums

Economy grew 3.2% last quarter. That’s is great news we have been waiting to hear. The market should have rallied 100 points perhaps? You thought it would? But the market dropped 65 points from the open and my screen turned crimson red as it has been doing lately on an increasing frequency.

Overnight the news that Government is opening a criminal probe on Goldman Sachs has the Wall Street throwing another Temper Tantrum. Goldman Sachs stock is down 15 points and has broken its major support levels and headed down.

As per the news “The financial impact of Goldman’s troubles continues to mount. Since the Securities and Exchange Commission announced on April 15 that it had filed a civil fraud suit against Goldman, the firm’s stock is down 20 percent, removing about $20 billion from its market capitalization.

Goldman has vigorously denied the accusations by the S.E.C., which accused Goldman of defrauding investors involved a complex mortgage deal known as Abacus 2007-AC1.”.

When these people get angry they sell off assets and by doing that they think they can impress others. Its like a 2 year old throwing a temper tantrum, throws his toys out the window, and than cries rivers on Mommy’s lap. Later on the same wayward kid goes back and picks up broken toys and plays with them. We have seen this repeated behavior since January so often that I am tired of making these post, but everyone wants to know why the market is tanking on good news? They obviously wont get the truth from CNBC and there are few sites that know whats going on.

As the winds shift and the tide turns against Wall Street the American public in a election year wants some heads on the platter. The abuse we have taken over the past 2 years, mortgages being foreclosed, bills unpaid, health insurance canceled and jobs lost is fermenting a different kind of mind set in America. Americans need answers and Obama administration is ready to provide them. Senate is already working on Financial reform and the Republicans have stopped blocking debate on the issue. Hopefully something good will come out of the Senate soon.

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