Hard to believe, but there's a downside to being the loudest all-knowing buffoon in the room. This week they stepped on that trip mine...
Those people who actually give a damn about others know that yet another giveaway to the bailout class isn't going to work economically. Whereas those who only give a fuck about themselves voted themselves onto the menu. But who to blame for this con job, other alt-Christians?
"An unprecedented partisan divide in economic expectations occurred following President Trump’s election, and those differences have persisted unchanged for more than a year after his election. While initial differences in economic expectations are not surprising immediately after a presidential election, those partisan differences have remained unchanged through mid 2018...Democrats still expect an imminent recession, and Republican anticipate much more rapid economic growth"
Now that the momentum Ponzi scheme is reversing, Wall Street's algo-inflated fantasy narratives are turning back into a big bag of dog shit - in the hands of the usual bagholders. In summary, Uncle Donny handed corporate insiders a trillion dollars which they used to bid the casino, so they could get out at the top. Like last time...
This week in a nutshell:
Oscillation around the 50 day Monday and Tuesday. Crater through the 50 day on 3x average volume on Wednesday. Oscillation around the 200 day on Thursday and Friday.
Wednesday's low is Friday's high.
Enjoy the weekend
Today was "judgment day" for large U.S. banks, because if any sector can benefit from higher interest rates, it's Financials.Those people who actually give a damn about others know that yet another giveaway to the bailout class isn't going to work economically. Whereas those who only give a fuck about themselves voted themselves onto the menu. But who to blame for this con job, other alt-Christians?
"An unprecedented partisan divide in economic expectations occurred following President Trump’s election, and those differences have persisted unchanged for more than a year after his election. While initial differences in economic expectations are not surprising immediately after a presidential election, those partisan differences have remained unchanged through mid 2018...Democrats still expect an imminent recession, and Republican anticipate much more rapid economic growth"
Now that the momentum Ponzi scheme is reversing, Wall Street's algo-inflated fantasy narratives are turning back into a big bag of dog shit - in the hands of the usual bagholders. In summary, Uncle Donny handed corporate insiders a trillion dollars which they used to bid the casino, so they could get out at the top. Like last time...
This week in a nutshell:
Oscillation around the 50 day Monday and Tuesday. Crater through the 50 day on 3x average volume on Wednesday. Oscillation around the 200 day on Thursday and Friday.
Wednesday's low is Friday's high.
Enjoy the weekend
Unfortunately for the "strong economy" fantasy narrative, banks are not confirming. We saw this exact same delusion play out one year ago, except back then these stocks were saved by the tax cut. As we see, the largest U.S. banks are at critical support. Because this delusion is on life support:
Speaking of delusion, JP Morgan CEO Jamie Dimon sounded an optimistic note on the earnings call while grudgingly acknowledging an explosion of global risks. Hard to believe that JP Morgan was the biggest decliner among large caps today.
"It's an extensive list of stuff," Dimon said, adding that most of the times, it's rising rates and not geopolitical issues that ends up derailing economic cycles."
But how great is rising rates AND geopolitical issues, how long does that extend the cycle? I'm guessing long enough to sell your stock now that the blackout is over:
U.S. gamblers have been living in a bubble of delusion that was funded by a trillion dollars in stock buybacks. That bubble is now bursting, so all of the assiduously ignored issues are re-appearing out of "nowhere" now that the greed goggles are off.
The rest of the world was not partaking in the delusion, having rolled over eight months ago:
"Europe is slowing down. Asia is slowing down. We are moving rapidly."
"Back up the truck"
"Europe is slowing down. Asia is slowing down. We are moving rapidly."
"Back up the truck"
Major technical damage this week:
"Most of the times, it's rising rates and not geopolitical issues that ends up derailing economic cycles"
What a relief
What a relief
"Don't worry, it's just a correction. They come along about once every ten years or so. But no con man ever sees them coming."