America's moral standard has collapsed like a cheap tent. It now falls to elementary school kids to fix the country, while 70 year-old degenerates run amok. Needless to say the history - written by the young people - will not be kind...
Jimmy Kunstler and Jimmy Cramer were both peddling the nothing-to-see-here line for their beleaguered groper-in-chief. Feeling the love, the casino put in its best one day performance in three years. Proving once again that bear market rallies are always the best, if not the shortest-lived. I wasn't going to post today since the casino is only back to the same level as it was at Friday's open, but dumb and dumber made it impossible for me not to inveigh...
"They didn't have a tape"
No piss tape, no problem. America's moral standard can't get any lower. Of course I've been saying that for ten years straight.
The porn relief rally visualized:
Contrary to popular belief, from Skynet's perspective, today had nothing to do with porn stars and everything to do with desperately avoiding overnight breakdown through the 200 day. Why? Because the casino is still only 70 points above the moving average that has led to limit down futures three out of four times. The only exception to the limit down rule was January 2016, wherein the casino straight line imploded -15% in two weeks:
Here we can compare the February selloff versus this one vis-a-vis the League of Extraordinary Money Printers. Despite the 70 point S&P rally, new lows outnumbered new highs all day today by a wide margin. In other words, gamblers who believe that the porn rally will be a repeat performance, will be in for a shock:
But here is where it gets interesting. For months I've been saying that the average stock is getting hammered, while the casino is supported only by the big caps. Well, last week that reversed. The average stock held up much better than the mega caps. So I looked for prior times when that has happened by comparing the NYSE Composite % bullish to the S&P 100 % bullish.
Here is what I found:
Door #1 is Flash Crash deja vu of 2015
Door #2 is Lehman deja vu
We know where I stand.
And wouldn't you know that despite today's rally, the % bullish for the S&P 100 actually declined again today:
Of course the NYSE is nothing to write home about either. Diverging substantially from the February low:
Weak, weaker, weakest...
Looking at some other inconvenient realities...
Yield curve new low today, banks are deja vu of last year's fake reflation scare:
Oil is ready to mega implode taking the entire world down with it...
Here is what I find most interesting - All year long, dunces on Wall Street have been saying, what is wrong with GE?
It turns out, nothing.
