(Scroll down past the rant for recap links)

Interesting day, n’est-ce pas? After the most aggressive selling in weeks, and before you even get stress test results, you’ve got a couple really profitable banks whose shares have rallied hard because they’re just really, really profitable… raising new capital. Uh-huh, uh-huh, well that’s what passing the stress tests was all about, right? Failing?

I don’t have to be #63,479 on the blogosphere to point out the implications here, but I would remind you that $WFC and $MS, mere weeks ago, were just really, really, really profitable. $WFC especially–why would such a healthy company [pdf]–and Buffett sees them that way, too–go begging to shareholders and lay off employees and freeze its pension plan and need another few years of government lovin’?

Uh-huh, uh-huh. The free market saw this coming, which is why $WFC rubbed noses with a 250% gain off its 2009 low this morning, before having another epic day, but in a direction unfamiliar in recent weeks.

Yeah, so, the tape never lies? Pardon my frangolo, but the tape is printed in a fucking lie factory. It pumps lies, and it dumps lies. In related news: CBS earnings are out, and suck. I guess this is why good ol’ “Sumner” is so bullish. “Early signs”. Sorry your share price is off 7% after hours.

In case you can’t tell, Mr. U has a case of the rantin’ rally nausea this evening. It’s one thing to know that the facts on the ground don’t confirm the prices flying around, but a whole other level of gorge rises at the blatant malfeasance of it. It’s a sad month for “free-market capitalism”–emphasis on the “market” part. And at least as far as today’s news is concerned, the government has got nothing to do with it, though it’s happy to speculate right alongside its own economy. Thus endeth my rant.

I would also mention that we’re out of the state of suspense now; no more earnings news, no more stress tests, for quite a while. Jobs news tomorrow, but we’ve had a couple previews already, and then that’s over for a month. Should be a bit of a news void. And just when the rally was getting going!

Just three links for you tonight, pretty thin pickins’ out there in analysisland. Tomorrow is likely to be heavily macro-driven anyway, with the stress test results in (bullish response AH this evening, kinda looks like the last two days, hmm…) and April unemployment numbers out tomorrow, and some very interesting failure in treasury bonds shaping up.

Here’s what we got:

  • Tickerville, still bullish, advises watching interest rates via $TBT/$TLT (~15 mins)
  • The Chart Pattern Trader has some nice charts and a vid for you. Uber-technical, almost all candlesticks, all smart. (~28 mins)
  • Market Talk by Paul Vigna (no charts)

And that’s eats, folks. For dessert: I enjoyed the hell out of this dismantling of CNBC.

Be careful out there.

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