European Central Bank, Bank Of Japan, Reserve Bank Of Australia And US Federal Reserve Add Emergency Liquidity

I'm not sure what the ECB is thinking. Are they intimating a fear of a mini run on the banks and they want to stop it before any panic materializes? The fact that the ECB has literally dropped their pants could have the opposite effect by panicking investors into believing the problem is more severe than most believe. Even if it is. That is one reason why I believe the futures are down so much this morning. That, and the topic of my post re something brewing in the S&P.

Trichet pulled a Greenspan and I have to side with Ben Bernanke's approach to date. That being walk softly and carry a big stick. The markets know without a doubt what the Fed can and will do if necessary regardless of what Bob Barker is wailing about on the game show channel. They have single handedly bailed out half of the world at other times in history. And as I have said repeatedly, the Fed cannot save global asset markets. Nor should they even if it were possible given astronomical valuations. (I recently saw a chief investment officer of a very large investment firm bullishly write of how this market was similar to the 1950s. Really? You mean when the PE of the Tranports was 3-5? What about the Transports now? Uh, probably the biggest Transport bubble in history. Along with many other massive bubbles brewing. Can I get one of these cushy jobs where I spew worthless bull and get paid millions to do it? Excuse the French but I have little tolerance for elitist incompetents who are supposed to be managing our retirement monies.)

So far, what I see is the bulls are like baby birds. Their mouths are wide open and the bears are shoving huge sell orders right down their throat. Someone is stepping up the plate and eating alot of risk here to hold this market relatively intact. And the sellers are giving them an all you can eat buffet. Check please!