Saturday, June 10, 2017

The Sum Of All Ignorance and Arrogance

The Idiocracy has perfected the art of knowing everything by knowing nothing. In the resulting chasmic void of honesty, the most vociferous mega-buffoons are thereby accorded leadership...

This below sums up this era in a nutshell - hubristic and denialistic total fucking morons CONSTANTLY surprised by inconvenient reality:

This week, despite the weak action in the oil market, oil gamblers increased their upside bets on the dead Trumpflation trade. Even as inventories (below) unexpectedly increased during the seasonal drawdown period:

Meanwhile, Oil with bond yields have carved out an exact fractal replica of the 2014/2015 collapse:

Worse yet for stock market gamblers, high flying Tech stocks rolled over deja vu of 2015:

Not to be outdone, volatility sellers took their speculative short positions back towards record short levels, even as the VIX collapsed to multi-decade lows:

"So far this year, however, FAAMG stocks have been less volatile than the average utilities and consumer staples stock. The analysts don’t expect this to continue."

Additionally, Goldman Sachs’ report brought up the possibility that investors have been confusing momentum and growth

"Facebook is safer than Utilities stocks"
"Go Daddy is a safe haven"
"I have only BitCoin in my retirement account"

Not to be outdone by that asinine hubris, currency gamblers INCREASED their net short Yen position in the face of USDJPY collapse:

Retail bounced mildly even as Fed rate hike expectations reached the highest level since 2008:

The Idiocracy widely believes that retail is imploding the exact same way it did in 2008, because Amazon has figured out online sales after 24 years. Unfortunately, it's because the economy is imploding and online sales are just the last to go, since they are the cheapest, and hence contribute the least to the economy.

Duh. The jobless consumer was last seen with the Sasquatch...

U.S. Infrastructure stocks gave up, and World stocks ex-U.S. rolled over...

The White House intended this week to focus on Trump's infrastructure initiatives, but it instead revolved around former FBI Director James Comey's testimony over his firing and the investigation into possible collusion between the Trump campaign and Russia.

Banks caught a final short-covering bid this week:

And finally there was this bit of last cycle mega hubris: