And Then There Were None

Aside from left-for-dead retailers getting short squeezed into outer space, and Transports crossing end-of-cycle bridges to nowhere, global RISK IS OFF. I just thought I would point that out, because this week's Crypto meltdown and momentum stock shellacking haven't stirred stoned zombies from their stupor. Go figure...

And no one tells better end-of-cycle lies than the Financial services industry. Can we all agree on that?

Of all of the numerous lies this week about the economy, OPEC, tax cuts, money printing, BitCasinos etc. none was more dangerously delusional than Zerohedge's assertion that "global" equity markets are fat and happy for the 13th month straight. The U.S. is the only major stock market still moving higher. Europe has rolled over. China has rolled over hard. Japan has rolled over.

And Emerging Markets are getting shellacked...

Especially China Tech, the global gift that keeps on giving...

Despite the U.S. melt-up, S&P 500 volatility is rising due to the global dislocation:

Unfortunately, a tax cut can't offset global risk, it can only have gamblers looking the wrong way down the tracks when the freight train is coming from the other direction. 

The direction no one seems to ever look. 

"Best rally since March 1st"

Trump speech to Congress, March 1st, 2017:

"When we rollback healthcare for the middle class, we will provide massive tax relief for people like me"

Key reversal of fortune: