The markets whipsaw wildly, careening between faith and fear, betting one day that the world will come to an end and the next day that the gods of central banking will save us all. Considering what we know about the ungodliness of the bankers, that faith has no basis. The faithful Congregation of the Central Bank Savior could discover that its priests are monetary fakers, its god Bernanke a false god.
Will Tuesday be that fateful day? The entrails still reflect a measure of popular faith, but there are hints of disillusion as well as the faithful wait expectantly for the pronouncement of the high priests. With uplifted arms, the parishioners shout to the priests and the god Bernanke for deliverance from fire breathing skeptics, marauding bears, and the great unwashed horde awaiting the collapse of the temple, just beyond its rotted and teetering walls.
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The Role of Cash Settlement in Market Manipulation and in the Panic of 1987
We have been alarmed by the recent behavior of our financial markets. Our concern is not so much with market volatility but rather with market combustibility. It is not random wildness that troubles us but the markets susceptibility to specific stimuli which are controlling the short and intermediate pricing of equities, futures and options.
We are concerned that the regulators have allowed the development of a market mechanism that they neither understand nor can control. More, we contend that the US equity markets are now sullied by an extensive on-going manipulation of unprecedented proportion…
http://chasvoice.blogspot.com/2011/12/role-of-cash-settlement-in-market.html