S&P futures moved 30 points overnight from the low on bad Chinese manufacturing numbers, to a high on the European open.

No surprise that the Chinese are making less of everything, since there are no buyers, but the move higher was very curious indeed.

No it’s accepted wisdom that the Fed is in the e-mini futures market or in this case perhaps in the currencies markets as USDJPY moved over the magical level of Y120 to send futures soaring.

The move was really without a factual base, which is why I suggest central bank intervention. The Fed through its swap moves is to effect market sentiment, not monetary policy.

This is what we are left with central banks rigging the market to avoid the appearance of what is plain logic that the global economy is in dire straits.

Market pros can see through this charade, but play along since there are profits to be made, besides it’s not easy to go against the Fed or other central banks. They have a fire house to trade with, while traders have a water gun for liquidity.

Yogi Berra died Tuesday at the age of 90. Berra won more World Series, 10, than most franchises in their history.

As far as the markets go, here’s chestnut from the former Yankee catcher: 90% of the game is half mental. Well said about what is going on today.