From Zero Hedge yesterday:
"CNBC (the infinitely more credible European edition) has run a stunning
interview with Cazenove technical strategist Robin Griffiths in which
the banker discusses such taboo items as the Plunge Protection Team's
intervention in the market for the month of September in a last ditch
effort to keep stocks from tumbling following the horrendous August
performance. First Griffiths dissects POMO: "One of the reasons [for the
surge] is POMO: what happens is the Fed buys Treasurys off the banks,
the banks put the money into the market...That amount of money
turns the algorithms up, then all the algo trading hits the market. Real
life investment managers are not doing this buying. They know that
equities are for losers." And the stunner: "The S&P
is being effectively goosed up by the Plunge Protection Team - they can
keep doing this for a little bit longer... But according to me the
April high will not break...as...all of those Keynesian stimuli did not
work." As for bonds: "There is an old saying, don't buy the Fed
- yields will go down. Even now you should be buying bonds and not
equities. The bubbles never burst when wiseheads in the media tell you
it's a bubble that's gonna burst, they burst when they've given up on
that and tell you this time it's different."" Here is a link to the post on ZH including the CNBC video, which I have trouble embedding here.