No matter how asinine the valuations, the bukkake whores on Wall Street never predict a down year for stocks. Go figure...
It's that time of year when Wall Street trips over themselves to extrapolate record high valuations and record low volatility into the indefinite future, despite record leverage. Maintaining appearances via volatility suppression is the means by which everything falls apart in broad daylight while con artists pretend that everything is A-OK. Implausible deniability is the opiate of the stoned masses...
It's that time of year when Wall Street trips over themselves to extrapolate record high valuations and record low volatility into the indefinite future, despite record leverage. Maintaining appearances via volatility suppression is the means by which everything falls apart in broad daylight while con artists pretend that everything is A-OK. Implausible deniability is the opiate of the stoned masses...
"As recovery approaches full employment . . . soothsayers will proclaim that the business cycle has been banished [and] debts can be taken on . . . But in truth neither the boom, nor the debt deflation... and certainly not a recovery can go on forever. Each state nurtures forces that lead to its own destruction. " - Hyman Minsky
But first, some fake news from the swamp-thing-in-chief:
Via the Wall Street Journal, the middle class gets only 10% of the tax cut, while future generations get 100% of the cost.
"The Republican tax-overhaul plan will send about 10% of a net $1.5 trillion tax cut directly to middle-income households, according to an analysis released late Monday by Congress’s Joint Committee on Taxation."
Getting back to the show, nothing lies more than over-committed capital. We see that clearly now in the crypto-space, as the zero sum pump and dump cycles through the 1300+ Ponzi coins daily. Beyond "BTFD", the mantra of the day is "the trend is your friend", as Wall Street trips over themselves to extrapolate record high valuations and record low volatility into the indefinite future, amid record leverage.
Meanwhile, despite the placid facade, various technical measures flash code red beneath the surface. But it's only the broader indexes that garner the attention - and the extrapolation.
