The Faustian Assumption: "It can't happen to me"

"dost thou not reckon us amongst the happy men at all?"

"Our wisdom too, is a cheerful and a homely, not a noble and kingly wisdom. Observing the numerous misfortunes that attend all conditions forbids us to grow insolent upon our present enjoyments"
...

"Yet, to salute as happy one that is still in the midst of life and hazard, we think as little safe and conclusive as to crown and proclaim as victorious the wrestler that is yet in the ring"

- Plutarch's Lives

The Faustian Assumption
The siren song of the status quo is tempting indeed. The incentive to capitulate to the zeitgeist of the moment is overwhelming. It's by far the path of least resistance. And then I remember that all-important assumption. Do I dare assume that the globalized slave model will continue to my benefit indefinitely, when all evidence suggests otherwise? It's a Faustian assumption - a test of both morality and honesty at the same time. Those who fail it likely won't be coming back for a re-take. I don't reckon us among "the happy men" at all. We live at a critical historical juncture.

PONZI COLLAPSE DELAYED, NOT DENIED
It's April Fool's Day, so of course to mark the occasion, the S&P 500 made a new all time high despite (or because of?) near record profit warnings.

To commemorate the release of Michael Lewis' new HFT book, there were yet more low volume algo antics today to close the S&P at a new high. Utilities and defensive stocks folded today, but all things junk got ramped after last week's drubbing. More of the all important momentum ignition used to suck in as many fools as possible.

What's wrong with Dow Casino?
Amazingly, despite the rotation out of momentum stocks into defensive stocks, the Dow is still below its high of December 31st:

This new S&P high was also due to Semiconductors which are the earliest cyclicals and normally rally at the beginning of a bull market, not five years later.

In 2003-2007, Semis peaked early. Here they are now going late stage parabolic:

The U.S., German Dax, and Bombay Sensex are at/near new all time highs. The rest of the world, not so much.

Global Dow:

The economies below have the highest unemployment rates and the highest debt levels across Europe (outside of Greece); therefore, it would make perfect sense that these are now all ramping to new multi-year highs.

Italy:

Spain:

Portugal:

Global Macro (blue lines):
(Canadian Dollar, Brazil/Russian stocks, Copper):

As a reminder of where all of this is heading:

THIS CASINO WANTS EVERYONE TO BIND THEIR FATE TO THE GLOBALIZED WHEEL OF FORTUNE...