All You Need to Know About Today's Markets: BUNKOMANIA

By John Galt
October 10, 2011 – 13:25 ET

So the Euro has soared up to 1.36 on rumors of another deal better than the 2010 deal which cured everything?

Smells link bunk to me.

So the DJIA, NASDAQ, and S&P 500 have finally crossed the 50 DMA because of the Merkozy accord…

Bunk. Look at the volume.

So Greece is cured?

Uh, Bunk:

And what one stock is validating my theory that this is a bunkomania bankster desperation rally?

GS via Yahoo Finance

If it smells like bunkomania, it's a sucker's rally. Play it however you'd like but something doesn't feel right with the PIIGS and the Euro still acting insane. Not to mention the number of idiots on television claiming the employment report on Friday indicated that there is “no way” we are going into a recession.

Watch for the fail just above the 1180-1195 region on the S&P 500 and a solid fail of gold at $1700. Call it a gut feeling, which is about as good as anything else being tossed against the wall at this time.