Unemployment is soaring. Consumer spending is down, savings up. Production is down. Trade is way down. Profits are down. States are running out of funds to pay unemployment insurance and are about to default on their debt. Global trade is down 25%-60% everywhere. And you think the market rally is real?
Can you say “market manipulation”? Check this out:
A very interesting data point, also provided by the NYSE, implicates none other than administration darling Goldman Sachs in yet another potentially troubling development. The chart below demonstrates the program trading (i.e., trading for themselves, aka “market manipulation”) broken down by the top 15 most active NYSE member firms. I bring your attention to the total, principal, customer facilitation and agency columns. (Click on chart to enlarge.)
Key to note here is that Goldman’s program trading principal to agency+customer facilitation ratio is a staggering 5x, which is multiples higher than both the second most active program trader and the average ratio of the NYSE, both at or below 1x. The following most recent weekly data from the New York Stock Exchange puts things into perspective:
In other words, financial firms trading “for their own accounts” (NOT for anyone else) on the NYSE has jumped during the last week from 24.6% of all trades to 32.6% of all trades. That’s one third of all NYSE trades! Lol! What do you suppose Goldman Sachs and their cronies are doing? You think this current stock market rally is for real? (Source.)