And now, it's all turning back into a pumpkin:
The S&P 500 rinsed the 200 day several times today, similar to the battle with the 50 day earlier this week. The break of the 50 day yesterday sent the casino straight down to the 200 day. A breakthrough at the 200 day would be the first time since (before) the election. Needless to say, the timing of this from a political standpoint does not bode well for the incumbent.
I don't know what stunned fools will say when this is all over, but leaving aside the usual Zerohedge fantasizing, what the history books will say is that global Central Banks inflated a massive asset bubble post-2008 with no viable exit strategy. And then Trump came along and made it far bigger - knowingly. And then he blamed the Fed for popping his bubble, while giving them no other option.
In other words, he was previously worried that the bubble was a product of loose monetary policy, so his solution as president is to keep monetary policy loose forever.
"They’re so tight. I think the Fed has gone crazy"
The best economy in U.S. history, can't handle interest rate normalization above 2%? By definition that would make it the worst economy ever, without any comparison.
Getting back to the casino, today has been a very volatile session as the 'BTFD' team was back on the field, sifting through the debris from yesterday.