PPT and POMO

Get familiar with these acronyms. PPT = Plunge Protection Team, which I've blogged about a few times already (use the Search function and type in "Plunge Protection"). POMO = permanent open market operations. Central banks (especially the Fed) are intervening and manipulating markets in an attempt to maintain orderly flow. These attempts will eventually fail in spectacular fashion as the manipulation distorts and creates rolling bubbles in various asset classes.