The globalized economy is a colossal Ponzi Scheme in which the vast majority survive on the bread crumbs falling off the table. The possibility of 7 billion people achieving a consumption-oriented lifestyle is zero, so the World Bank conveniently set the poverty line at $1.25/day to legalize global slavery. As long as someone else's children are doing the suffering, it's "all good". Post-2008, this illusion was extended merely by plundering all future generations.
Friday, February 16, 2018
Third Wave Down: Make Implosion Great Again
Third wave down will make last week seem like a happy picnic. Picture every risk asset class imploding at the exact same time... Therefore, it portends badly for U.S. gamblers that Monday is a holiday to celebrate the last Emperor, Forrest Trump... Any questions?
Most of Asia is closed next week, but Europe will be open.
The market most reponsible for overnight S&P futures selloffs had been lagging in this retracement, but playing catch-up today:
The S&P just tagged .618, so wave 3 down can begin any time...
Big cap tech is stalled at the prior peak
Along with Tech, regional banks have been leading the U.S. rally, diverging from $USDJPY.
Deja vu of February last year:
Be that as it may, it's not 2017 in Kansas anymore...