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Daily Reckoning's Brian Maher: Did the Fed bail out the market Friday?
By Brian Maher
The Daily Reckoning, Baltimore
Friday, March 6, 2020
This Tuesday we vented the theory that the Federal Reserve has been sneakily -- and illegally -- purchasing stocks.
Citing Graham Summers, senior market strategist at Phoenix Capital Research:
"For years now I've noted that any time stocks began to break down, 'someone' has suddenly intervened to stop the market from cratering. ...
... Dispatch continues below ...
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"A year ago, I noticed that the market was behaving in very strange ways.
"The markets would open sharply down. Seeing this, I would begin buying puts (options trades that profit when something falls) on various securities, particularly those that had been experiencing pronounced weakness the day before.
"Then, suddenly and without any warning, all those securities would suddenly erupt higher."
Mr. Summers theorized that the Federal Reserve was purchasing Microsoft, Apple, Alphabet (Google), and Amazon stock.
Because these behemoths wield such vast heft, they can haul the overall market higher.
Did the Federal Reserve possibly resort to the same skullduggery today? ...
... For the remainder of the commentary:
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