Thursday, May 25, 2017

Then There Were None

"They were too preoccupied with gambling to realize the world was imploding..."

Stock sector rotation says recession
Bonds say recession
Commodities say recession
Deflation says recession
Loan growth says recession
Retail ex-Amazon says recession
Banks say recession
Carry trades say recession

In other words, the goal of this last melt-up is to get Amazon over $1,000/share and Bitcoin over $3,000. While everything else implodes in real-time...

The OPEC meeting came, went, and disappointed...

Oil prices fell sharply on Thursday after an OPEC delegate said the oil producer group had agreed to extend cuts in production by nine months to March 2018. That disappointed some investors, who had hoped that OPEC might reduce output even further to drain a global glut that has depressed markets for almost three years.

But who cares about that when Amazon is making a new breakout high towards $1,000:

Or should I say, $999:

Bilzerian told his 22.3 million Instagram followers on Wednesday afternoon that he “just bought a sh*tload of bitcoin” and that “it’s so crazy watching that sh*t f**king go up it’s like... betting a bunch of money on the Super Bowl.”

Now THAT is a key reversal:

"OPEC disappointed, which means buy tech stocks"

BTFD: "Buy the fucking depression"