Very little to say tonight, esp. as I continue to exhaust my vitriol throughout the trading day 140 characters at a time “on” “twitter”. I will say one thing however: I’m far from a conspiracy theorist, but I have watched market action closely day after day for weeks now,  and it seems more and more irrefutable that the market-movers are dead-set on keeping their rally balls in the air. So to speak. Impossible to say, of course, just who it is buying up the dips faster than a kindergarten class with a book of Dairy Queen gift certificates. But the banks have two very good reasons to keep airing their junk. So to speak.

One, there is capital to raise (and never mind $JPM and $AXP, mere fingerling potatoes there, good for a 15% jump tomorrow). According to the Grand Sorcerer Their Own Poobah Self, “corporate” “America” intends to raise another couple hundred billy this year, tripling the current tab, in one of the most adverse and distressed capital climates in modern history. Who’s gonna buy all those shares amidst another fat drop? And why give the shares away for honestly depressed prices when you can tack on a nice synthetic premium and hold back a little more ownership?

And two, a lot of people of middling to average intelligence having foolishly blamed this crash on failed and malevolent OTC derivative alchemy, the race is on to keep the regulators from ending the party, including industry lobbying on the taxpayer dime. If the market can spring back to life, we don’t need regulation, riiiiiiight? Because, what crash? *POOF*! A silly misunderstanding moldering away in the minds of a few bitter investors. Ancient history. Sucks to lose, but we should just get over it and move on, riiiiiiiiight?

I close with today’s tearjerking moment of econo-serendipity. The S&P breaches a months-old downtrend line and a very significant moving average, even as we acknowledge ONE MILLION Great American Foreclosures on the year. (2009, that is. Halfway through!) This is another in the endless 2009 parade of macro/tape disjunctures, but we may sleep soundly knowing that the all-hallowed tape always has some excellent and truthful explanation, even if it is beyond our abilities as mere mortals to discern just what that might be. At least I got a headline for it:

Former Homeowners Move Into Equity Markets In Droves

Without further ado, the recaps:

Also, a couple great chart/posts to chew on that aren’t necessarily trading-specific:

Would tell you to be careful out there, but clearly caution no longer pays. Enjoy your 3% return tomorrow. Choose your positions with darts, blindfolded.

UPDATE: The ever late-filing Jack McHugh weighs in with a summary plus links well worth your while.