In Greed We Trust

Warning: Circus clowns are not "priced in":

As Trump's latest reality show circles the drain, markets remain unnaturally levitated at all time highs on zero volume and zero volatility while greed-addled gamblers await their fantasy tax cut like a patient bukkake whore. Six and a half months since the election, and the gap between reality and fantasy is wider than ever, but don't take my word for it:

"The juxtaposition of rising policy uncertainty vis-a-vis declining fear in risk assets presumes a procyclical success story in D.C."

Which is a good segue to the charts, because as Zerohedge reminds us hourly, this entire global charade is all about China, and their frantic attempts to (mis)manage human history's largest bubble...

Here we see oil and oil volatility juxtaposed with the stimulus packages. What we notice is that stock market volatility is not the only thing that's unnaturally low:

Volatility is low, because despite net speculative positions still falling, gamblers have yet to capitulate, since the narrative of the day is that the glut is over...

Which gets us to the most important chart, and the latest warning, via ZH:

Why U.S. Investors and VIX Sellers Should Care About China In One Chart

My version of their liquidity chart uses China's 2 year yield, and instead of the S&P VIX, I use the Oil VIX:

Infrastructure gamblers lost patience this week:

Make coal great again. Or just blow smoke up everyone's ass until they self-implode...

"Let's try this one more time..."