The lesson of the day for Jimmy Kunstler and the other geezers worried they'll be unduly stripped of their clown prince, is "pyrrhic victory": a victory that comes at a cost so great that it's tantamount to devastating loss. In reality, they got exactly what they deserve: Historically colossal humiliation.
The draft-dodger-in-chief, who is a disgrace to humanity, never mind a political party is out now saying that he would have run into the Florida school without a weapon to save the day:
Now we see how all of the degenerate vitriol over Benghazi and EmailGate is coming home to destroy the RepubliCon party. It was a standard playbook, called "win at all cost". But then came the election and their booby prize jumped out of the Cracker Jack box. Formerly worst-president-ever, George W. Bush, was relieved the Republican Party found another gear lower on their clown shifter. From now until the end of time, the Republican party is going to be stained with the legacy of Forrest Trump. This circus won't end until even the dumbest Republicans admit they lost the election. With each day America's global reputation sinks lower and lower - for those still capable of being embarassed that is. And yet, among consumers, business, casino gamblers, and billionaires fake confidence remains at an all time high.
Because faking it is all that matters in this clown show.
For now anyways.
Since the February crash three weeks ago, on the subsequent rally, the imbalances that I discussed previously - both within the stock market and between the stock and bond market, have only grown far more imbalanced.
Why? Because the Nasdaq 100 just took back three months of gains in two weeks, while the equal weight S&P 500 is still -4% below its high.
FOMO on steroids
Here we see the Nasdaq 100 (large cap Tech) relative to the equal weight S&P 500:
The stock / bond ratio has grown more extreme, despite the fact that cash (1 year t-bond) is now yielding more than the S&P...
