Happily Going Down With The Titanic

Even as the Fed prepares to raise rates one week from today, the GDP forecast for Q1 continues to "quietly fall through the floor". How can this happen? Insert rant here. In a nutshell deja vu of 2008, the Fed is focused on transient "inflationary" factors such as a one time increase in the minimum wage following the election. Worse yet, they are keying off the stock market and speculative appetite. Thirdly they are looking at Consumer ConnedFidence which is soaring for no reason other than stock price appreciation. Remember, Janet Yellen got the job because with reference to Lehman she "did not see any of that coming until it happened". You're hired...

In other words, this is a circle of jerks blowing smoke up each others' asses on the way to the bottom. Led by the Idiocracy's esteemed leader Captain Forrest Trump.

The dominoes they be a falling...

In addition, to Natural gas, Muni bonds, gold and silver...

The chart of the day is Cocoa which shows where things are heading. Bear in mind just like Nat Gas this is solely "due to weather" because the Idiocracy blames everything on the weather. Nothing to worry about here...

Today was Oil's turn to get shellacked amid record crude inventories and record speculative long futures:

Junk bonds are getting monkey hammered 

The coal sector and all other Trump-correlated junk stocks are done...

Speculative appetite is done featuring the Snapchat IPO now down -30% from its peak last Friday. This is the micro cap/Dow ratio:

S&P breadth momentum

Bank stocks are the last refuge. If that's what you want to call it...