Really slow day. Market was jam jobed higher around midday. Volume was light. Apparently risj appetite is alive and well because credit spreads do not widen ever. There is so much leverage and liquidity floating around that the market is looking past all of the housing weakness. Tomorrow may be the final blow off top.

I am really starting to wonder how much longer this entire system can keep going. How many more credit outlets are there? The fed is so out gunned its hilarious. Bernake keeps acting like everything is normal out in the financial world. He really thinks that bubbles are a good idea. A couple of years from now I think we are going to wonder if the fed should be abolished. Its an institution that has outlived its usefulness. The aysmetrical policy of driving rates super low and then gradually raising them has led to a massively inflated global financial system. At least the ECB recognizes it.