tag:blogger.com,1999:blog-76631654407771380602024-03-12T17:14:24.022-07:00Ponzi World (Over 3 Billion NOT Served)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. Unknownnoreply@blogger.comBlogger5224125tag:blogger.com,1999:blog-7663165440777138060.post-58852842662956626052019-12-04T11:04:00.002-08:002019-12-04T13:29:01.697-08:00The End Of Ponzi World. As We Know It. <b><span style="font-size: large;">Earlier this year, in the Spring, I put out a post saying Ponzi World was ending. I'm not sure what gave me that idea...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDncKj84MovrblyQN4GmYCG6urZGeF0mwJu29b2VYnjoJtHrXzkFuB2yzaA_XsAmA1fNHP8DrpBEVoIs5d2Rxsnl0hsV6SvcyokqhLAna_V5MnlUey3zlcdSsP0BCmNULWejMHEGl5qBZ7/s1600/super_moron_bubble.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="574" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDncKj84MovrblyQN4GmYCG6urZGeF0mwJu29b2VYnjoJtHrXzkFuB2yzaA_XsAmA1fNHP8DrpBEVoIs5d2Rxsnl0hsV6SvcyokqhLAna_V5MnlUey3zlcdSsP0BCmNULWejMHEGl5qBZ7/s640/super_moron_bubble.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">For some reason, I assumed this circus was ending: The economy was heading towards recession, global stocks were in a bear market, the trade war was escalating. It all had a very 1930s feel to it. But, of course, I had forgotten <a href="https://www.zerohedge.com/news/2014-12-31/hugh-hendry-embraces-central-planning-matrix-i-am-taking-blue-pills-now">"Hendry's Iron Law"</a> of Disney markets:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i>"The worse the reality of the economy becomes, the more we take on the reflexive belief in further and dramatic monetary expansion and the more attractive the Disney market looks"</i></b></span><br />
<br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">All good. Fast forward six months and now that gamblers are fully lubricated going into recession - I feel this time maybe the last fool was found. In any event, one thing is abundantly clear, over ten years from when I started this blog - I personally had nothing to do with any of this. Something to tell my grandkids, when they ask me why everyone in my generation was such a readily conned jackass.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div style="text-align: center;"><span style="font-size: large;"><b><i>"What a fool believes he sees</i></b></span></div><div style="text-align: center;"><span style="font-size: large;"><b><i>No wise man has the power to reason away</i></b></span></div><div style="text-align: center;"><span style="font-size: large;"><b><i>What seems to be</i></b></span></div><div style="text-align: center;"><span style="font-size: large;"><b><i>Is always better than nothing"</i></b></span></div><br />
<div style="text-align: center;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div><span style="font-size: large;"> </span><br />
<div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><b></b><br />
<div style="text-align: center;"><b><b><span style="font-size: large;"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/qKYQNtF11eg" width="560"></iframe></span></b></b></div><br />
<div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><b style="font-size: large;">As we know, my financial predictions have not always been timely as pertains to the massively manipulated S&P futures. Everything else has pretty much imploded on schedule. The last bubble is always the biggest, which is the passive indexing bubble - the one Big Short protagonist Michael Burry has warned about. The guy who made his fortune from the subprime meltdown.</b><br />
<div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/09/04/the-big-shorts-michael-burry-says-he-has-found-the-next-market-bubble.html"><img border="0" data-original-height="163" data-original-width="800" height="124" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghiSlZ_7lI8vf3IqNuTH0H9Ou09icJRKLdPUrZFIgFEufmdOAS-T_CYty-f6MEtDvV69f_-kNVZsziFQLGke41Rpt6duBqv_TFb1AjM0pCdnkuTXYGVExFCKZB2idBi4AeR5Vv9GN8pV1P/s640/burry.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgl99EzQprQMffW36xefqEEdG31QVVfqrS57lkVhVhodc9IFha9RVkY3y5WY_9d85NMUtqwTlep-CGEi0OVB593P4ZSMytnQVbiWLSGLSVbMpqYgq-OjWJEaEvakPxy2J4f3iMpfyaKDbXX/s1600/cycle_highs.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgl99EzQprQMffW36xefqEEdG31QVVfqrS57lkVhVhodc9IFha9RVkY3y5WY_9d85NMUtqwTlep-CGEi0OVB593P4ZSMytnQVbiWLSGLSVbMpqYgq-OjWJEaEvakPxy2J4f3iMpfyaKDbXX/s640/cycle_highs.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Where I clearly went wrong was underestimating the extent to which this society would bury itself financially to rent prosperity for as long as possible. I had forgotten that for *some* people, this is their last vacation from responsibility, hence they don't care how much inter-generational theft must take place to keep it going as long as possible. No fiscal limit, no monetary limit, no fiscal monetary limit - The "MMT" (Modern Monetary Theory) so many bailout artists fear, has already arrived. In fact it's the current driver that has been melting-up the Trump Casino.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Ironically, the overnight repo collapse caused by Trump's deficit - that hammered liquidity in September - is now what is funding this final stage of rally via Fed balance sheet expansion (lower pane).</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>MMT profligacy is the new super juice:</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/07/the-feds-monetary-juice-has-tied-directly-to-the-rise-in-stocks.html"><img border="0" data-original-height="208" data-original-width="798" height="164" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXhPIeYMvZJgFJBkFZicB3MSRVAKvAedyQqBqO7TpE6wiToWRc8pBFyj5K_JBZ9WeDeznXwF2HMG8HKSygjWXBGJ8Qg9jnPXYHtheY5lvDzeWwn91PFjs7Qp3T5QeTN5ZmmyzAJwoNu75N/s640/fed_mo_jo.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>As the article states, this much monetary heroin has never been used before at an all time high amid record valuations.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/12/04/bull-markets-often-end-with-a-euphoric-rally-called-a-blow-off-top-we-may-have-just-had-one.html"><img border="0" data-original-height="192" data-original-width="777" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEir_y3XGn8aF4x1B7Zg4xfAhFUNwj9vZQSA78ZRO86aj45exVY9uoRMumRHCukX4CDPD36BLsyfhiJRakMxT_MmehH3Mg2Y7dOCoEPjjGikR4nptk9A9WT1BqcuNHa9aNDwcV3UwDNilbns/s640/bull_market.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEippPOYwfJ8nmX9NlWQDL-Y4ajTTRPv9tdJCk2HFUQ8vrPjz5ngvnfQeVAr8boeYhp7pxc7WitvRsuf3Fz03TR-2bA9vtgrfJqN3Su-fnCxQmw8lgmFJy0Ay09R7ngk4GHHqlIAYhD2h-9X/s1600/spx.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEippPOYwfJ8nmX9NlWQDL-Y4ajTTRPv9tdJCk2HFUQ8vrPjz5ngvnfQeVAr8boeYhp7pxc7WitvRsuf3Fz03TR-2bA9vtgrfJqN3Su-fnCxQmw8lgmFJy0Ay09R7ngk4GHHqlIAYhD2h-9X/s640/spx.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><div><br />
</div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>So far, December is kicking off deja vu of last year, with a fake trade truce. Trump asserted this past Thursday that a trade deal is imminent, which he clarified yesterday to mean one year from now. Or never.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>This all makes perfect sense to people who have no sense whatsoever. </b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNrrgfc3LEXLlJX8IyACODcqnrzGG-LO0OFuLYEnaENMly9wQ2cGQK2FNe79U3hpHX_0lOlltQO7UqK-rvPCUPyYw7ra2ycAgEVtCmIU2jXXnGdCsawUNEWAz1HezVeMZuJWpzMk-6BWXV/s1600/trump_final_throes.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="352" data-original-width="808" height="274" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNrrgfc3LEXLlJX8IyACODcqnrzGG-LO0OFuLYEnaENMly9wQ2cGQK2FNe79U3hpHX_0lOlltQO7UqK-rvPCUPyYw7ra2ycAgEVtCmIU2jXXnGdCsawUNEWAz1HezVeMZuJWpzMk-6BWXV/s640/trump_final_throes.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>One year of incoherent Twitter gibberish later and NOTHING has changed in the trade war, other than escalation:</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt0sb-8yRDU1mTXICUWjj42ErrwRskPF4My81yzbfXle3Xe-29hdyND0AfutiQKlB1vXnIRQGE7qL1NIaXyGppMncmINVL4pLHTUfPSwULZAbZ-o8pLcKGQZ6wQ4k6P1-PgsjH30oHtUCv/s1600/china_trade.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="574" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjt0sb-8yRDU1mTXICUWjj42ErrwRskPF4My81yzbfXle3Xe-29hdyND0AfutiQKlB1vXnIRQGE7qL1NIaXyGppMncmINVL4pLHTUfPSwULZAbZ-o8pLcKGQZ6wQ4k6P1-PgsjH30oHtUCv/s640/china_trade.png" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span></div><div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/12/04/private-payrolls-up-67000-in-november-vs-125000-expected-adpmoodys.html"><img border="0" data-original-height="205" data-original-width="838" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHwgBpjWT595MM0c5d4II0nQK-IwpTlLJ0BZasuVz12UCfnXPwYj8lKOj9W-Bkx4K1SAQ9yrgXA9C6h5rNbgyu6xjIFTibtA3Z2ktNu8yHq7f-Dzl-Mjc-FKFJBzlU5QayqINWgZHZdZtn/s640/private_payrolls.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjll7OCElIKiGit7Ax0XyMn0qF7RZmm5_tnosjrnEQNnPSkiAngbnWE_yBARSORasnE-oobr-WEQux2mIW1y7kE1hFXuITVRfYimW-C70CY3rSN4S-4L_eWzVQyYTdN0Za-zKFcr6J7j2T/s1600/job_openings.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="633" data-original-width="730" height="554" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjll7OCElIKiGit7Ax0XyMn0qF7RZmm5_tnosjrnEQNnPSkiAngbnWE_yBARSORasnE-oobr-WEQux2mIW1y7kE1hFXuITVRfYimW-C70CY3rSN4S-4L_eWzVQyYTdN0Za-zKFcr6J7j2T/s640/job_openings.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span></div><div><br />
</div><div><b style="font-size: large;"><br />
</b></div><div><b style="font-size: large;"><br />
</b></div><div><b style="font-size: large;">This time around, I intend this to be my last post. For the rest of my rants I'm switching to Twitter which I regard to be the end of civilization anyways. I need to tap back into the Borg to deliver my final messaging, as I'm clearly outside of the safe space, and therefore have a very limited audience. I've been wandering in the 150+ character wilderness for long enough. Which means unfortunately, no more drunken rants. At least ones that get written down anywhere. </b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;">Good luck.</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b> <span style="font-size: large;"><a href="https://twitter.com/SuburbanDrone">https://twitter.com/SuburbanDrone</a></span><br />
<br />
<br />
<br />
</div><div><div><div><br />
</div></div></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-46481690033283117712019-12-02T15:17:00.001-08:002019-12-02T17:44:06.168-08:00The Elevator Ride Down. To Humility.<b><span style="font-size: large;">Note to archaeologists: Yes the end of the Roman Circus was as insane as it sounds. It's all you need to know that today's Evangelicals actually believed Donald Trump was their saviour. Which is why this revelation cannot come as more of a shock to them. They still haven't located three wise men and a virgin...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYD3zi3AD3dcyZ4u2UYk11c3AaEy5lRgtbYPg0gQEOGR-MrhkqvHAXj_Mx8fUm6gU7-ez6i1T1jS46_hq-Sk3alBK65XTSAQMIId46tvEk37Uu8gPkDCYGTjDhgmIyK65OpefgiZj0YIgr/s1600/presidents.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="205" data-original-width="1043" height="124" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYD3zi3AD3dcyZ4u2UYk11c3AaEy5lRgtbYPg0gQEOGR-MrhkqvHAXj_Mx8fUm6gU7-ez6i1T1jS46_hq-Sk3alBK65XTSAQMIId46tvEk37Uu8gPkDCYGTjDhgmIyK65OpefgiZj0YIgr/s640/presidents.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Japanification gone global - the serial over-use of stimulus as a proxy for a real economy, at the expense of future generations. All so that an aging society could pretend "nothing has changed" in their cannibalized lifetimes. Whereas in reality <i>everything</i> was commodified for quantity over quality. The corporate Disneyfication of everything, overseen by a generation of sociopathic Mad Men, and economists who know the cost of everything and the value of nothing. Now placing their full faith and credit in simulated prosperity, by way of proving their intellectual bankruptcy...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div><b style="font-size: large;">Now, with the benefit of hindsight, we know that the U.S. entered intractable deflation approximately two decades ago with the DotCom bust, 9/11, and of course China WTO ascension. When, for the first time, the Fed lowered rates to 1.5% in order to pull forward consumption, resulting in the housing bubble and bust. Most people think that the housing crash was due to subprime loans - that was only the proximate reason. The real reason was that the Fed had pulled forward consumption from the future and used the housing market as an ATM machine to do it. That's the point at which I realized this was all going to end extremely badly. Short-term Japan-style gimmicks instead of real economic policies. </b></div><div><b style="font-size: large;"><br />
</b></div><div><div><span style="font-size: large;"><b>Over the past ten years since the global financial crisis, globalization has been fully deconstructed. The only thing standing between this oblivious society and revelation is the central bank asset bubble. The disintegration of globalization went into overdrive three years ago under Trump. Compliments of his exceptional ignorance of global trade and investment flows. He, like most mercantilists, believes that trade is a zero sum game. Which is why he sees every other country as a competitor nation using "currency devaluation" to cheat the U.S. out of exports. And therefore explains why he is constantly using trade war as a way to punish other nations. He has no clue that the dollar reserve currency status is what makes the U.S. currency less competitive. <a href="https://www.realclearpolitics.com/articles/2015/05/07/the_curse_of_the_dollar_126513.html">The indestructible curse.</a></b></span></div><div><span style="font-size: large;"><br />
</span></div><div><span style="font-size: large;"><b><i><br />
</i></b></span></div><div><span style="font-size: large;"><b><i>"Americans are proud of the fact that the dollar -- their money -- is also the world's dominant international currency. But this very same global role also helps explain some of Americans' major complaints about the world economy: why we constantly run sizable trade deficits; and why U.S. manufacturers often are at a price disadvantage with foreign competitors."</i></b></span></div><div><span style="font-size: large;"><b><i><br />
</i></b></span></div><div><span style="font-size: large;"><br />
</span></div><div><span style="font-size: large;"><b>The need to blame other countries for corporate America's greed, is paramount. It wasn't U.S. companies that shipped jobs and factories to China to gain record profit margins, the Chinese came here and stole them. For all the reasons, Trump's rank amateurism has completed the process that 2008 started. The American century has now been fully deconstructed under the slogan "Make America Great Again". You can't make this shit up. </b></span><b style="font-size: large;">Likewise for Boris Johnson, via the Brexit fiasco. The two countries that built globalization have now torn it down. </b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;">Is this what their voters really wanted? Of course they would say yes - still unwilling to face the full magnitude of what they have wrought. However, what they really wanted and believe they got, was a seamless break from globalization, paid for by someone else. A free lunch. </b></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Little do they have even the slightest clue that the bill is about to be served to them personally. And for that we can thank the echo chamber of exorbitant conceit for keeping these people in the dark as long as possible. People too distracted by politics to understand that their entire way of life is now gone with the wind. Fools who believe they get to vote for their own version of reality via a slot machine handle in a voting booth. And a game show host for president. </b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><b style="font-size: large;">And to think that the U.S. used to criticize Japan for its deflationary policies, and now this country is doing the exact same things. To date, global central bank money printing has acted as an inflatable bumper to keep asset crash at bay. In the process inflating an ever larger bubble. Now, compliments of central bank dopium, asset correlations are approaching 100%. Whereas there used to be safe havens, now there are none, outside of zero yielding "cash" (t-bills, money markets). </b><br />
<b style="font-size: large;"><br />
</b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/12/02/in-2019-almost-every-investment-worked.html"><img border="0" data-original-height="168" data-original-width="782" height="136" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjf-NV6zC5qzK0ReSC5xQ8Vs_ITRQy4SvM77fE0o2CZzgN8iR3l1fpqniwRGKb_dH9yCVT4XKq2XDIzcc4INRy5Uz2ac6WOIY-hORN1UUUMfh72r-DVxsEoY09H5ju3t_a3R55pLL_7haA6/s640/investments.PNG" width="640" /></a></div><b style="font-size: large;"><br />
</b></div><div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><a href="https://www.cnbc.com/2019/12/02/in-2019-almost-every-investment-worked.html">"Buy Everything"</a></b></span></div><div><b style="font-size: large;"><i>"The S&P 500 is up more than 25% and counting. <u>Treasurys, which tend to fall when risk assets rally, also gained in 2019. Oil, gold and corporate bonds all scored double-digit returns</u>."</i></b></div><div><b style="font-size: large;"><i><br />
</i></b></div><div><br />
</div><div><span style="font-size: large;"><b>This does not constitute investment advice, it is merely an observation. I predict today's gold lovers will get monkey hammered along with the rest. Like everyone else, they have been front-running central banks for over a year straight. There will be NO REFLATION until they put money in the hands of the middle class.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><u>And for that there will need to be a regime change</u>. And I don't just mean political, I mean ideological. This bullshit American mythology has put the entire middle class at risk. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>History will say that Trump's facile and infantile views of the world were his fatal undoing. A man who inherited everything he ever owned and then squandered it. He is emblematic of his entire generation and the economic debauchery that has ensued over these past decades.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>And then of course there were his true believers who could no longer tell right from wrong, good from bad, real from fake. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span><span style="font-size: large;"><b>Globalization has been entirely to the benefit of America's ultra-wealthy. The fact that Trump could tear it down in broad daylight with 95% Republican approval is exceptional. In the broadest sense of the word. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Proving he is the chosen one, no question. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEip-iysQ3XxRUHGuDu5mmg5L1pII8EvKmiWDvBs6dns80SU5sogUjViTtIXacdQscAtEqZW1rfVQBlobUytcs9JZOdzC-LLoZxDaLHYw5qMd6wlagTN01yiRkRlSyuLe4L8ag9mV1l6AYN5/s1600/ROW.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEip-iysQ3XxRUHGuDu5mmg5L1pII8EvKmiWDvBs6dns80SU5sogUjViTtIXacdQscAtEqZW1rfVQBlobUytcs9JZOdzC-LLoZxDaLHYw5qMd6wlagTN01yiRkRlSyuLe4L8ag9mV1l6AYN5/s640/ROW.png" width="640" /></a></div><br />
<br />
<br />
<br />
<br />
</div></div></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-40855029463399402652019-12-02T12:33:00.001-08:002019-12-02T13:15:33.610-08:00Black Monday<b><span style="font-size: large;">Today is Cyborg Monday, the day when online retailers go into the black for the year and the mindless Borg goes deep into the red for the year, celebrating the annual rite of material acquisition...</span></b><br />
<div><span style="font-size: large;"><b><br />
</b></span> <br />
<div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjycyGEp5m7emJkrdMQFCbpIhmeBZ__SgNHIHXVsImLV-wcV9sPITuREB89p9N86SFEVTiwOVBSmm7gRPHTIaL3a6ccQxuEy4U3Xa9VzjV7-4Xwi8MXy9pGgHy-DR5aX-SfJODFEIgNtkYH/s1600/h_omen.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="359" data-original-width="640" height="355" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjycyGEp5m7emJkrdMQFCbpIhmeBZ__SgNHIHXVsImLV-wcV9sPITuREB89p9N86SFEVTiwOVBSmm7gRPHTIaL3a6ccQxuEy4U3Xa9VzjV7-4Xwi8MXy9pGgHy-DR5aX-SfJODFEIgNtkYH/s640/h_omen.jpg" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span> <br />
<div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Last Friday I showed the NYSE Hindenburg Omens, here we see the Nasdaq H.O. six day moving average. Highest since last October:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUq3c55cXyKDLKJcQAeFaKl9PwmZCX2H5NzF9RNvKx5yCl_rw5eh3Eluw_e1CNzKPXep8ETK603_6tqtlniv9FWywh97Qvsnn-z5QsXhu39aJ0L3hq3U6zSM7FZbw676itQdCZchoNUMDQ/s1600/Nasdaq_HO.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUq3c55cXyKDLKJcQAeFaKl9PwmZCX2H5NzF9RNvKx5yCl_rw5eh3Eluw_e1CNzKPXep8ETK603_6tqtlniv9FWywh97Qvsnn-z5QsXhu39aJ0L3hq3U6zSM7FZbw676itQdCZchoNUMDQ/s640/Nasdaq_HO.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Cramer has the over-subscribed denialist point-of-view well covered. Doing his part to make sure no one sees this coming: </b></span><br />
<br />
</div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/12/02/cramer-not-worried-about-a-december-stock-market-drop-like-last-year.html"><img border="0" data-original-height="196" data-original-width="780" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlTb_baLlyQoBof_7x9PBflzNlXrwfZWHCAOJcK1zStZ_Ibk_WkWT0L6oa0Nw_CvQKVF0DEHV165kC21ouEoq0YlwqmHtUiT6pd4BobAnK_OzEzkYTt6VbO2Eiq91dG7_v64yNoBU-Ok_W/s640/december.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span> <br />
<div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/12/02/dow-futures-point-to-higher-open-as-traders-monitor-us-china-trade.html"><img border="0" data-original-height="203" data-original-width="776" height="164" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgAO-DUS65CqpSkau9dbzt5FocrBILtWwubrRFT0rN3EAZ82CSQtcTuq1FY-5Nj3o7uKV5uGt3w6pqPhaQ7HTfR7IN64oi5IpLhvrDLFwLhaISyC-6GycZX3k3plHpvJqze-tfwe_ORMov/s640/decline.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i>"Manufacturing activity in the U.S. continued to contract last month"</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <b><span style="font-size: large;"></span></b><br />
<span style="font-size: large;"><b><i>“If you’re looking for a reason to sell, the ISM number certainly gave it to you”</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b>"What about simulated prosperity?"<br />
</b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDB6jZghMaHNsiPQxhxpyDFfrl3INUFu7UlO1uF6rCmRGTgSB6jS2Hf_d7V-9zkJuZDb2cob5z_ErgCcsodwLrUFa7hBrrsWZgfG94r6n85h7RE8Wn4uvOLbKak5Zkdd009LdN6Fux2w6g/s1600/durable_goods.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="629" data-original-width="654" height="612" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDB6jZghMaHNsiPQxhxpyDFfrl3INUFu7UlO1uF6rCmRGTgSB6jS2Hf_d7V-9zkJuZDb2cob5z_ErgCcsodwLrUFa7hBrrsWZgfG94r6n85h7RE8Wn4uvOLbKak5Zkdd009LdN6Fux2w6g/s640/durable_goods.PNG" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b></span></div><div><br />
</div><div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">No surprise, the Alibaba IPO marked peak pump and dump:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZYGdg2xL58UoAyies1t1aX5U_MPpN85xA9r_dX0v7gT_h2cWUBiHZXsUA5rjMEqOKXNQxCdKrTXus4skLk9BxF3XtyjDl8Qssc8pQvP5IbGpZkykDZbG-z9UsPAPTZ8CYJmyYrnLMJzZh/s1600/IPO.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZYGdg2xL58UoAyies1t1aX5U_MPpN85xA9r_dX0v7gT_h2cWUBiHZXsUA5rjMEqOKXNQxCdKrTXus4skLk9BxF3XtyjDl8Qssc8pQvP5IbGpZkykDZbG-z9UsPAPTZ8CYJmyYrnLMJzZh/s640/IPO.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b>Momentum Tech imploding</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUeK5ie6Ya0pv6WSZMkh_s4gVkprjjLxim02zpPtqKBSPBk1MkOQWStH9XLhtxwxb3wJ6m-is80i5Tuw-zfGRm2zM6ReviOtxa4tKHwmXeyWpUgEoU_0ChiIyeMaW-Oq-koPE38AEBubE0/s1600/mo_tech.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUeK5ie6Ya0pv6WSZMkh_s4gVkprjjLxim02zpPtqKBSPBk1MkOQWStH9XLhtxwxb3wJ6m-is80i5Tuw-zfGRm2zM6ReviOtxa4tKHwmXeyWpUgEoU_0ChiIyeMaW-Oq-koPE38AEBubE0/s640/mo_tech.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span></div><div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b>REITs deja vu of VixPlosion 1.0</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipzADTkKui-7owvTQANHCTdqLSP2beI05E3aPi2A_kQP3-SlDlNEJBSf9sNlmvrA98tyYNyk_xfNhbG7n5nbJ0zwRxPXyB0JSokoP0yODW9wBdORI5hHV_pK7jYRJ1GqD-cME89zsnYefC/s1600/REITS.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipzADTkKui-7owvTQANHCTdqLSP2beI05E3aPi2A_kQP3-SlDlNEJBSf9sNlmvrA98tyYNyk_xfNhbG7n5nbJ0zwRxPXyB0JSokoP0yODW9wBdORI5hHV_pK7jYRJ1GqD-cME89zsnYefC/s640/REITS.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Transports deja vu</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXy3-3YiwXwemIgQj22nb8AP1ayMd7acuInDHhk-9HVK5bM9lU_iDhxLCQrOl-RAcgFalws5xRlDliJTCoRXjbSHAcvu87Q8WkRZ-ONq1H9ktQhslgHFGL3AoRjeYiBvuMCK6rAUZ91RpH/s1600/transports.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXy3-3YiwXwemIgQj22nb8AP1ayMd7acuInDHhk-9HVK5bM9lU_iDhxLCQrOl-RAcgFalws5xRlDliJTCoRXjbSHAcvu87Q8WkRZ-ONq1H9ktQhslgHFGL3AoRjeYiBvuMCK6rAUZ91RpH/s640/transports.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b>Remember last week when I said that Latin American currencies are imploding?</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Trump apparently has also noticed and therefore decided to accelerate implosion: </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.wsj.com/articles/trump-restores-tariffs-on-steel-and-aluminum-shipped-from-argentina-brazil-11575288359"><img border="0" data-original-height="119" data-original-width="775" height="96" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitI9JEG3U2n4PrfCqDeogDLs_G4NTKQFxo24DJndFwo9GJ0noxV0O6NwkRfmzpfFoGCI9tno8L3vKNe0g-4xu5YrCi8UZZR2e1lmvI0fok4JNPab67gSw4JS6z3XsSDaBveq4NslKdcfYT/s640/wsj.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>You will be hearing more about this situation on the lamestream news very shortly:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm0koxTyN8pkOG-H-8_sXQsjA_hXaf4tuxsdeHu7K2zKf1tW0Q-UmS_x_m2bEFDf4n4enXfxVT9sI3fPRklwyNfVSlFSrdMjyQPH_DAsXFcFfzuQMEIx1jpU81kE9CevekWowBDz_-uR_G/s1600/chilean_peso.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm0koxTyN8pkOG-H-8_sXQsjA_hXaf4tuxsdeHu7K2zKf1tW0Q-UmS_x_m2bEFDf4n4enXfxVT9sI3fPRklwyNfVSlFSrdMjyQPH_DAsXFcFfzuQMEIx1jpU81kE9CevekWowBDz_-uR_G/s640/chilean_peso.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Outside of the Tech mega bubble, this has been a bear market for a year now:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsF3iKDEsRP_YfdERgFRNFMYdWDbAaHcwY62NnUBe7GB-bv4zlLWOf3uMJAu5wIe02gfe13QnnA941bDEgK9HwHDvtI_B9-IdjQTNCMq8YsKDYuAVsXN7YWnlC8yCF_g-6LZRjIAd2WzaD/s1600/xvg.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsF3iKDEsRP_YfdERgFRNFMYdWDbAaHcwY62NnUBe7GB-bv4zlLWOf3uMJAu5wIe02gfe13QnnA941bDEgK9HwHDvtI_B9-IdjQTNCMq8YsKDYuAVsXN7YWnlC8yCF_g-6LZRjIAd2WzaD/s640/xvg.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Look out below</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSQjAVJz3ZAb_dPWJ339X3ilAtH5FWKsr-Q-x7Qo3qhbtWby1HU-w3HVw19ps1bSNRaNUNE9Q85rvN-oXA_Kn_olbyLJ6-SvNF9OrI820sH1EB9sJfjjIkHM-doUwoN6RQRMMYd_y4QwIf/s1600/tech_wreck.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSQjAVJz3ZAb_dPWJ339X3ilAtH5FWKsr-Q-x7Qo3qhbtWby1HU-w3HVw19ps1bSNRaNUNE9Q85rvN-oXA_Kn_olbyLJ6-SvNF9OrI820sH1EB9sJfjjIkHM-doUwoN6RQRMMYd_y4QwIf/s640/tech_wreck.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> </div></div></div></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-2978113825457500562019-12-01T19:57:00.000-08:002019-12-02T00:16:50.125-08:00We've Seen This Explosion Before<b><span style="font-size: large;">When this central bank Jedi mind trick for weak minded fools spontaneously explodes at all time highs, I'm going to take a break from describing reality to a non-existent audience. In the meantime, archaeologists are going to want to know, "what happened?"...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4Gq-OkgKECeoKoeTWJRL7rV7sJh6kYYvcf-9b9bQg3_OrsGOUz8vPp_m-t06JqctriHXftRWGd3G1KMFFwq_S2d7qE32h2awn_ZnRGdBViAYbaCroFt0scicfrShvYBwYhBCHAhoGNiNA/s1600/Mac10.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="261" data-original-width="400" height="260" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4Gq-OkgKECeoKoeTWJRL7rV7sJh6kYYvcf-9b9bQg3_OrsGOUz8vPp_m-t06JqctriHXftRWGd3G1KMFFwq_S2d7qE32h2awn_ZnRGdBViAYbaCroFt0scicfrShvYBwYhBCHAhoGNiNA/s400/Mac10.jpg" width="400" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b><br />
<b><span style="font-size: large;">The supposed benefit of living in a Japanified Idiocracy run by aging dunces free-basing narco-pharma, is that you get to watch the same movies over and over again. Each time with an audience "surprised" by the ending. Which is why Netflix has decided they no longer need new content...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The subject of this post is RECORD NEW LIES:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMxFQdkEGaB91VMg0M7hxcCubjvlCyU5cC6Onbl4urrppX2XbDXtcypOQKpsvkErzsJmOg46A5qZAriXY3KDKrhvWAEPw-QOGAqPj9CE-E_oqxjpA9QMiccccWvUgV-bhpmnTwVrJZbMKR/s1600/spx_highs.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMxFQdkEGaB91VMg0M7hxcCubjvlCyU5cC6Onbl4urrppX2XbDXtcypOQKpsvkErzsJmOg46A5qZAriXY3KDKrhvWAEPw-QOGAqPj9CE-E_oqxjpA9QMiccccWvUgV-bhpmnTwVrJZbMKR/s640/spx_highs.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">For some reason I'm not enjoying being locked in a central bank managed "safe space" run by and for arrogant geezers evincing the combined intelligence of a fucking brick. Now fully conflating inter-generational theft as "GDP". I'm just not big on circle jerks. I've never been a joiner.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Which is why my blog stats have been quite flat lately, which the lonely reader can take as a harbinger for how many people you know are about to shit a massive brick. Because when this groupthink bubble in self-medicated delusion explodes, the panic will be unprecedented. And not a few geezers will be "triggered" for the last time.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b>Imagine a scenario in which the real economy no longer matters because central banks have discovered a way to fabricate simulated prosperity out of thin air. All they have to do is meet every six weeks and decide how much money to print. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>That is the world we now live in:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>The economy has been weakening this entire year, while stocks went higher:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhV4XetMFGX9JP62l_LerX14QuNLaZ3xhi6N9I0UT08Eodexjw-4xbeL-jEpDuDZx-9ydSWCn3GIyttyOe8_jzPACTEZ_7U15CWRbBgEkdXxaBXeyBNDShuvCkGgTdysGiU1Opw33yzUlS7/s1600/simulated_prosperity.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhV4XetMFGX9JP62l_LerX14QuNLaZ3xhi6N9I0UT08Eodexjw-4xbeL-jEpDuDZx-9ydSWCn3GIyttyOe8_jzPACTEZ_7U15CWRbBgEkdXxaBXeyBNDShuvCkGgTdysGiU1Opw33yzUlS7/s640/simulated_prosperity.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Why is that a problem?</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Good question. Albeit one that would have seemed asinine at any other time in U.S. history, going back some ~243 years.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>I asked myself, have we ever seen this magnitude of disconnect before - more specifically, have we ever seen the "reflation" trade rally <u>during deflation.</u></b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>And of course we have seen this before, in 2014/2015.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Here we see that in 2014, treasury bond yields crashed as they have been this year, until recently. Then, bond yields staged a three wave Ponzi reflation rally. Meaning, gamblers rotated into the reflation trade assuming reflation would follow.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Shockingly, what followed was not reflation, it was smash crash 2015:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzWYKtbhMsLvJTiaW23d-2v72D9HrncP-hJdrhgJ3ETjT_zVpHM7pK07meX06OFjNsDYQR0HkWs6b4J3pFBW7nb5Gd0RHe8KPOzVsdAGdrpvwVn5QwMUNANPdiYDkZ5-sBqvN-rhQ6dBlM/s1600/30_year_tyx.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzWYKtbhMsLvJTiaW23d-2v72D9HrncP-hJdrhgJ3ETjT_zVpHM7pK07meX06OFjNsDYQR0HkWs6b4J3pFBW7nb5Gd0RHe8KPOzVsdAGdrpvwVn5QwMUNANPdiYDkZ5-sBqvN-rhQ6dBlM/s640/30_year_tyx.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
<br />
</b></span> <span style="font-size: large;"><b>Now we know why new highs are not confirming this rally.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>And we know how this movie ends.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span><br />
<div style="padding-bottom: 40px; padding-top: 56.25%; position: relative; width: 100%;"><iframe allowfullscreen="" frameborder="0" scrolling="no" src="https://www.ispot.tv/share/AT75" style="bottom: 0; height: 100%; left: 0; position: absolute; right: 0; top: 0; width: 100%;"></iframe></div><span style="font-size: large;"><b> <br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <b><span style="font-size: large;"><br />
</span></b>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-15671735359931883162019-11-30T17:35:00.003-08:002019-12-01T07:28:28.899-08:00Stolen Money: The Secret To Effortless Wealth<span style="font-size: large;"><b>Those who believe this is all just "corruption as usual", are about to learn a lesson in morality they can't afford...</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>95% of the morally challenged approve of this con job, thank you very much:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggzU1ovEVVUCITTKxnWBmE0eDztioQrfkAMcoM-vJisZ6VvyaJ8Ipdy1elPM038POKr7OfN9uRlz_BYdwIbw8-MAhQP5JT9UOstNaVxqRWZXQMFuP404EPliHLyffzkslxX1K2P3Tr0_la/s1600/approval.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="90" data-original-width="521" height="108" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEggzU1ovEVVUCITTKxnWBmE0eDztioQrfkAMcoM-vJisZ6VvyaJ8Ipdy1elPM038POKr7OfN9uRlz_BYdwIbw8-MAhQP5JT9UOstNaVxqRWZXQMFuP404EPliHLyffzkslxX1K2P3Tr0_la/s640/approval.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Three rate cuts, <u>$300 billion</u> in Fed-printed money, and $1 trillion in inter-generational (deficit) theft later and the year of free money is reaching for th</b></span><b style="font-size: large;">e best gain since the Asian financial crisis, 1997. </b><b><span style="font-size: large;">The $200 trillion question - does Santa reward fraud, corruption, and rapacious criminality in Trump Casinos?</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Historically, no - they all failed for the exact same reason: Too much borrowed money chasing too much bullshit. This one will be no exception.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The chasmic Federal deficit is hiding recession.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">"GDP"</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhH9bzo8LEUXx29Fqlo5tGkVPuuFqotZL-jO4NnnFxQ5u1pKveo3t4V4v9qIbH26tpgL12vlzp4cB6pWWGpAyqabd6jiyWF58v642SNgqLfqpVp8tQrPFHZdY26XKLsxPv98sPtpHzgsKD4/s1600/deficit.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="620" data-original-width="765" height="516" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhH9bzo8LEUXx29Fqlo5tGkVPuuFqotZL-jO4NnnFxQ5u1pKveo3t4V4v9qIbH26tpgL12vlzp4cB6pWWGpAyqabd6jiyWF58v642SNgqLfqpVp8tQrPFHZdY26XKLsxPv98sPtpHzgsKD4/s640/deficit.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<b style="font-size: large;"><br />
</b> <br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.marketwatch.com/story/will-a-santa-claus-rally-power-the-sp-500-and-dow-to-their-best-years-in-a-generation-2019-11-30?mod=home-page"><img border="0" data-original-height="177" data-original-width="781" height="144" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgL0VlytlN1Y9KqpQpQccpwbQdPinNduBbEWnIhUDbmaoDkF2LjrGvrnm806ym-bNqlt2pNWM9uftBSIv_qfE_Wp3-lGwBm9Z1iVijnx6EF7MmHjYnA_NJq3-ETx5I5V49GaxAXMxIO-8ul/s640/1997.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b><br />
<b><span style="font-size: large;">No surprise, China is now hardening their trade stance in response to Trump signing the Hong Kong support bill. Of course, many observers assumed there would be "no backlash" from this gambit. Apparently not willing to wait until the weekend to discover otherwise.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Sunday:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.scmp.com/news/china/diplomacy/article/3040091/trade-deal-must-include-us-tariff-rollback-says-chinas-global"><img border="0" data-original-height="120" data-original-width="853" height="90" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghtSYBaMpuJAvAo8PmStEnR2PT7Y41H5syavC_KeA7dUxmxqPxgqwlgKZUaKKDmlYGq7S0Xl5QPbMm4SqgOoT9FzV63E8pvn1eyEqlegS_pN3aqlS4Iju8e3pJx-xKpgIIo6JVidEnm4IM/s640/tariff_rollback.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i>"Trump’s signing of the Hong Kong bills presented by Congress did not help foster the first stage of a deal"</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b>This week's entire rally was predicated upon this fake news from Faux News:</b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://www.foxbusiness.com/markets/trump-us-china-phase-one-trade-deal-final-throes"><img border="0" data-original-height="152" data-original-width="1056" height="92" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjW0xelyG9VjFr60gC6mEq1zoeDPJziKtmBdsGyQPDd39A7WcnMvnk34oXKdwFULrc8XpV2rmsXUV8V7RsGRafD83IgL5CWyhGoX3tIOsXatVuW7IPvg3cYSUlK_h1aTbaBEv8xkDxHNhXw/s640/final_throes.PNG" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b></span> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOKASljDvheKgZcUF5pkMXtde8RkVbFPf9wf21c72E5GOqTpwM28c57xYIdCwlv443H8SCcvzvbx_Ut35Df5CC2p4HRI912ct9K7mqQMtZY4Rj-WT8POS4VxF2SVz_5dLxWCgrR2wXkzNb/s1600/hong_kong.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOKASljDvheKgZcUF5pkMXtde8RkVbFPf9wf21c72E5GOqTpwM28c57xYIdCwlv443H8SCcvzvbx_Ut35Df5CC2p4HRI912ct9K7mqQMtZY4Rj-WT8POS4VxF2SVz_5dLxWCgrR2wXkzNb/s640/hong_kong.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Crude oil is at key support</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://oilprice.com/Energy/Energy-General/Is-Todays-Oil-Price-Plunge-A-Sign-Of-Things-To-Come.html"><img border="0" data-original-height="150" data-original-width="627" height="152" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2OgxeJ91adyNiFWwBBlOpQ1KFrpMUzx8d57gVHjUDmkw_nI2kFOAqtiJevd7fhU8iAIHygw2SzwqkcGNZDD8UcVP3RMlWj4gnSPh9r8c6OEDAC16p-nsK2H5F3uRc3ZsWbWtmTmm4qb52/s640/oil_plunge.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i>"Oil prices tanked early on Black Friday on rumors that OPEC’s leading members aren’t willing to deepen output cuts."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i>Bloomberg estimates that Russia hasn’t fully complied with the deal for 8 months in a row."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmgVdQ9R-40ZSYeWuL67RLwWERjqaeOs-IIsdSuRgo_3-O5PPXDUZxxsECAxB1apPGONXDyhF2Np1T-YWklsfSaZbJ96kv_2NIr-NnYy6JTnZgsTF-53vUwJDy2fcN4wW01PPR5f9FTbiF/s1600/crude_oil.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmgVdQ9R-40ZSYeWuL67RLwWERjqaeOs-IIsdSuRgo_3-O5PPXDUZxxsECAxB1apPGONXDyhF2Np1T-YWklsfSaZbJ96kv_2NIr-NnYy6JTnZgsTF-53vUwJDy2fcN4wW01PPR5f9FTbiF/s640/crude_oil.png" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>The real reason OPEC can't agree to cut production:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.bloomberg.com/news/articles/2019-11-29/u-s-posts-first-month-in-70-years-as-a-net-petroleum-exporter"><img border="0" data-original-height="211" data-original-width="976" height="136" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6B411abKtCh1VncNZEZS3-Dq-yz8YDxCPRjWwzfoRYPw-ouGRLAqyCY3kngs2AZA6rY2qlDkVEq4dT5c3f-SoVHX4uafaiuzdlfguCTVNgutY8MuBDAbykVs4ppCWXdr9DPrplueDUqQT/s640/net_exporter.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>"Energy independence"</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhv2K8S4qiPi_2aIlBJeMLxYsD6RGHnJ5JSjNyVpm7u_fTWH-ZbKzwEJE6wardGNNVKW31gMffsBhn5zCGrlg67FVL5H3M6OBQ-1rLwlHz-17v8zr-vBQOCs_gp5DWGPTOTcirMrKVkKw9d/s1600/crude_prod.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhv2K8S4qiPi_2aIlBJeMLxYsD6RGHnJ5JSjNyVpm7u_fTWH-ZbKzwEJE6wardGNNVKW31gMffsBhn5zCGrlg67FVL5H3M6OBQ-1rLwlHz-17v8zr-vBQOCs_gp5DWGPTOTcirMrKVkKw9d/s640/crude_prod.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
<br />
Ponzi reflation is rolling over</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6H82kSMQpXItnSB9jtvKkucyk0ZdsDEHaizzGXJsg3j95A4sZe-2pLUkawySN64uXuu2cgDl_SXYBqqPOgkVJJuNIGAO4uU_269cuNhWDuIfK4CjtRnFcDme4pv-Z9x8CwA19CUvtoDHw/s1600/reflation.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6H82kSMQpXItnSB9jtvKkucyk0ZdsDEHaizzGXJsg3j95A4sZe-2pLUkawySN64uXuu2cgDl_SXYBqqPOgkVJJuNIGAO4uU_269cuNhWDuIfK4CjtRnFcDme4pv-Z9x8CwA19CUvtoDHw/s640/reflation.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/29/buffett-sitting-on-128-billion-raises-questions-on-market-valuation.html"><img border="0" data-original-height="199" data-original-width="720" height="176" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiJtotVcmUikNRqjhslkWOrVqxcKCkNZ5MhWJfLs0XoWgVv41z6HbmsWVOBpai9l35tBnch5fkAXblPpGfDm5ufTOk2GvCbD9XcoxZA_LwQLo_5tFJUmBBCb9RN8MYDEl88Tm0nAxqvKHXX/s640/overvalued.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9EZAE9wSjIN5zR_YRppsWgOhyphenhyphen3FZ3kqcvKzd-KoUUbvHqwr69PiDR5u0OAYqpEDrFHHnGkDzdM-9FaDo8DSvJYrIIHVDBGGKYR4jRzA1gm05-N7QXBufPS4gVScSUsO-fgc5siwe4xxdS/s1600/buffett_indicator.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="650" data-original-width="725" height="572" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9EZAE9wSjIN5zR_YRppsWgOhyphenhyphen3FZ3kqcvKzd-KoUUbvHqwr69PiDR5u0OAYqpEDrFHHnGkDzdM-9FaDo8DSvJYrIIHVDBGGKYR4jRzA1gm05-N7QXBufPS4gVScSUsO-fgc5siwe4xxdS/s640/buffett_indicator.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><i>"The forward price-to-earnings ratio for the S&P 500, the most common indicator for market valuation that measures current share price relative to per-share earnings estimates for the next 12 months, <u>has climbed to levels last seen around December’s monster sell-off</u>."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg63tnviCBCNGQDoWR9yzQfUOWExKBbMV0Kmh0LLVHGYDK0bf-DdHeqsjPV2gHwZXI8W9mR7CQ3wu5bHF5Xc_yX4H74DxWa8aBbkopSUkoVGTZwDTwZKpCdEgG3U5R9XgCUqiRvvCHn1nu/s1600/skew.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg63tnviCBCNGQDoWR9yzQfUOWExKBbMV0Kmh0LLVHGYDK0bf-DdHeqsjPV2gHwZXI8W9mR7CQ3wu5bHF5Xc_yX4H74DxWa8aBbkopSUkoVGTZwDTwZKpCdEgG3U5R9XgCUqiRvvCHn1nu/s640/skew.png" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>This was the best start to a year since 1987:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>January 18th, 2019:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.barrons.com/articles/the-stock-market-hasnt-started-a-year-this-strongly-since-1987-51547826682"><img border="0" data-original-height="157" data-original-width="672" height="148" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_TAjweA3mY63jR4kM5Hn4xG6pp4YQwcEUwsIPHNE87sEAnp24aucngvRYl9hjhglkFX6z1P2CiGkp5pJ1FRQmzbgNjrZUhpjYcMPhH2_uoEAAgmptagNOOWAVTT1gdMmulO8fX8MY6hDB/s640/strong_start.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>There have been three major tax cuts for the rich in the past three decades, each paid for with borrowed money aka. inter-generational theft. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>I predict this one will be the one that teaches the final lesson that crime does not pay. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOxtfGzAA76Uy389issj1kFNkF4pQgQCbTJ5MUsGBxbLJKTZjtOMsEZj36xS0X_UtX_AdYZlq6BPWUBIrYgw_jIPEedpFYBGLfRUo7F8IxvdX4Z_KOgngL58TW_0SOcn6wI4vWwu-LjIoj/s1600/mmt.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOxtfGzAA76Uy389issj1kFNkF4pQgQCbTJ5MUsGBxbLJKTZjtOMsEZj36xS0X_UtX_AdYZlq6BPWUBIrYgw_jIPEedpFYBGLfRUo7F8IxvdX4Z_KOgngL58TW_0SOcn6wI4vWwu-LjIoj/s640/mmt.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b><br />
</b></span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-43779749002418330462019-11-29T20:26:00.003-08:002019-11-30T13:08:30.989-08:00Exorbitant Privilege And Rented Conceit<div style="text-align: center;"><div style="text-align: left;"><b><span style="font-size: large;">The problem with a vacation from reality, is that when it ends someone needs to be able to face facts, free of chemical influence. For obvious reason corporate Disney World has not been cultivating that skill - today's primary business model being the monetization of useful idiots...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">This coming year will reveal the deficit in leadership that has been achieved with corporate-sponsored denial. The dollar reserve currency has been funding exceptional ignorance for far too long.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://thehill.com/blogs/in-the-know/in-the-know/270642-idiocracy-writer-i-never-expected-my-movie-to-become-a"><img border="0" data-original-height="159" data-original-width="876" height="114" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4oYlz10G1Zj_AHz8e7Qm0DBsACvg84WEuhtl4hKaORctKg-pVLQR8P6K5IgLbZUidGE9Us38MhD1TS2YPq3rCWLQBQQJtl2RnWZrU5E4jXLVa9Sr60zCqr0FeXjXqOnTQAPAkDHE7S6dj/s640/idiocracy.PNG" width="640" /></a></div><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">It's not just Trump who has been chosen.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMiTLUdYla4YniZ74iiROKIt4A_DAzC3-2xgT5y2GZ9at7bJtESZkvOLkkeCThEc9DzH5H0RTUFXxAdn4UZRSekahV4YBg4rHzYO5rlRZrCW_JpZ3jyK0jqfhUgXvYoC2z6IUxRa4PAxJj/s1600/forrest_trump.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="623" data-original-width="635" height="626" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMiTLUdYla4YniZ74iiROKIt4A_DAzC3-2xgT5y2GZ9at7bJtESZkvOLkkeCThEc9DzH5H0RTUFXxAdn4UZRSekahV4YBg4rHzYO5rlRZrCW_JpZ3jyK0jqfhUgXvYoC2z6IUxRa4PAxJj/s640/forrest_trump.PNG" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><br />
<br />
<div class="separator" style="clear: both; text-align: center;"></div><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><i><a href="https://www.washingtonpost.com/opinions/the-dollars-stubborn-challenges/2015/05/06/7a87b388-f405-11e4-bcc4-e8141e5eb0c9_story.html">"It’s been called the “exorbitant privilege”; it might also be termed “the indestructible curse.” </a></i></span></b><br />
<b><span style="font-size: large;"><i><br />
</i></span></b><span style="font-size: large;"><b><i>"It was Valery Giscard d’Estaing, French finance minister and later president, who called the dollar’s global role an “exorbitant privilege.” By this, he meant that the United States could pay for imports simply by printing more money...There’s a “something for nothing” quality to the dollar’s status that — paradoxically — also fuels discontent with globalization."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<b><span style="font-size: large;">There is no paradox to be found. U.S. workers pay the full price for this exorbitant privilege through a higher dollar and reduced export competitiveness. The U.S. rentier class, the wealthy, are the sole beneficiairies via surplus global capital inflows. This is precisely what Trump's trade team doesn't understand about global trade. And why the trade deficit is near record wide - to finance the Trump fiscal deficit.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Vietnam is winning the trade war:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.scmp.com/economy/global-economy/article/3013067/vietnam-biggest-winner-first-year-us-china-trade-war-supply"><img border="0" data-original-height="135" data-original-width="1022" height="82" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEip4IJgyHWWDMhIVfk8M3OXzz2urPkbFrywumOyA3ECDjkczjvW_gW5iOmwg83t4SEDRoJAEtFM2NewDr0EFwZEq_pZtiLjonw11ih0GclBzGUtdopyz3oYGevpm2rt0hg03Ymy4WXvYlU9/s640/vietnam.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<b><span style="font-size: large;">Those who believe that the two largest economies in the world can rearrange the "indestructible curse" without causing massive capital dislocation, are in for the surprise of a lifetime. </span></b><br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaLks8483YoC3GOO0QQeN3nRoAPpdSmuCcPRUz_4etbU09S8atm9Nb35Xzxc6xSvwATfjS127jKJdWS3nbaiCMYskZEKKTMbW0tx6CPtNahCw8MNKiKWcHmeGMHOA2koMzL9pQ6PUTpFWF/s1600/MAGA.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaLks8483YoC3GOO0QQeN3nRoAPpdSmuCcPRUz_4etbU09S8atm9Nb35Xzxc6xSvwATfjS127jKJdWS3nbaiCMYskZEKKTMbW0tx6CPtNahCw8MNKiKWcHmeGMHOA2koMzL9pQ6PUTpFWF/s640/MAGA.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b><br />
<b><span style="font-size: large;">We should know the time we live in, sadly grasshoppers are always the last to know. The closer winter approaches, the more they rage against the closing reality. As it is now, with this Trumptopian vacation from responsibility. Not even the slightest clue what banquet of consequences has been set before them.</span></b></div></div><div style="text-align: left;"><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">How it always ends.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><a href="http://cluborlov.blogspot.com/2015/03/license-to-kill.html">ClubOrlov: License To Kill:</a></span></b><br />
<b><span style="font-size: large;"><br />
</span></b><span style="font-size: large;"><b><i>"As the endgame approaches, those still nominally in charge of the collapsing empire resort to all sorts of desperate measures—all except one: they will refuse to ever consider the fact that their imperial superpower is at an end, and that they should change their ways accordingly."</i></b></span><br />
<br />
<b><span style="font-size: large;"><br />
</span></b></div><div style="text-align: left;"><b><span style="font-size: large;">I can't tell who is more "triggered" right now, the Millenials fearing their epochal time has come. Or the Boomer geezers <u>knowing their time has gone.</u> Kunstlerite Trump apologists torching what remains of their credibility in their existential Bonfire of the Sanities. Desperately trying to blame someone else for the unmitigated disaster they've created. Sadly, history won't see it that way.</span></b></div><div style="text-align: left;"><b><span style="font-size: large;"><br />
</span></b></div><div style="text-align: left;"><span style="font-size: large;"><b>The Xanax is flowing all around.</b></span></div><div style="text-align: left;"><span style="font-size: large;"><b><br />
</b></span></div><div style="text-align: left;"><span style="font-size: large;"><b>For their part, Gen X may as well not even exist. The Prince Charles of generational power transfer. Stop-gap frat boys and black out drunks arriving at consciousness for the first time in their disheveled lives.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Make no mistake, when their :15 minutes of fame is stubbed out like a cheap cigarette, the underwear will be mighty stained when the masses at large finally realize that Disney World has systematically cultivated NO LEADERSHIP.</b><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span></span><br />
<br />
<span style="font-size: large;"><b>"Let's see, there's Sneezy, and Dopey, and give me a minute..."</b></span><br />
<span style="font-size: large;"><b><br />
</b></span></div><div style="text-align: left;"><span style="font-size: large;"><b><br />
</b></span></div><div style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://www.insider.com/boris-johnson-refuses-to-say-how-many-children-he-has-2019-11"><img border="0" data-original-height="621" data-original-width="1161" height="340" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5_0lx8vZ82f16ABBiNUPstQqcemBacCP8T2bnrP3MGqG9QA7b4wjkG3Z9OSlft-MlZfOYzrylj6WDwiwRpreFsJHxR1vx1669NcvAUVeeDyLoQ-zVniZ0yQmooH3HyJij1OcHjyEPJc0Q/s640/bojo.PNG" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"></div><div style="text-align: left;"><span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> </div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-27773641245338535032019-11-29T08:02:00.001-08:002019-11-29T09:08:20.068-08:00Black Friday<b><span style="font-size: large;">This society can explain away ANY risk, when the free money is flowing...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">It seems so long ago that we saw multi-month high Hindenburg Omens. </span></b><b><span style="font-size: large;">Just last week:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <i><span style="font-size: large;"><b>"The <a href="https://www.investopedia.com/terms/h/hindenburgomen.asp">Hindenburg Omen</a> is a technical indicator that was designed to signal the increased probability of a stock market crash. </b></span><b style="font-size: large;">It compares the percentage of <u>new 52-week highs and lows</u> to a predetermined reference percentage to predict the increasing likelihood of a market crash."</b></i><br />
<i><b style="font-size: large;"><br />
</b></i> <br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3jtq1GHfkd05c2fb30zzzdG0_VQABVfbUfG58NB9a-TPsnsBZ9Rjdstv0KXDZP5eOWVp-rdDhvBqDatBcEBikMNIN4c-CxHGX7VRTkowolsadikZ3GMo6yYFSkywSTZavdMhLbr7cf6eO/s1600/hindenburg_crash.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="673" data-original-width="1200" height="356" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3jtq1GHfkd05c2fb30zzzdG0_VQABVfbUfG58NB9a-TPsnsBZ9Rjdstv0KXDZP5eOWVp-rdDhvBqDatBcEBikMNIN4c-CxHGX7VRTkowolsadikZ3GMo6yYFSkywSTZavdMhLbr7cf6eO/s640/hindenburg_crash.jpg" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Here is where it gets interesting:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">A 10 day moving average of NYSE Hindenburg Omens.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b>Here we see a very clear head and shoulders top. We also see that on the left shoulder, the H.O. signal peaked prior to the top, then there was a melt-up rally, a lower peak in the H.O. signal and then VIXPlosion 1.0:</b></span><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXtZDp-sczuDw9BhGtUZuO4XTKQqLmRLsuDJTl5i7tJA6gJzYxYT4TyMs0b26bWOclJEMb_wz2WLf1kCQzokBOVU9lIl3OutTgZ2y0kWol4HzDG1hgMi02AjVQgJUaw7EzA9NCc4CVrPkq/s1600/NYSE_HO.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXtZDp-sczuDw9BhGtUZuO4XTKQqLmRLsuDJTl5i7tJA6gJzYxYT4TyMs0b26bWOclJEMb_wz2WLf1kCQzokBOVU9lIl3OutTgZ2y0kWol4HzDG1hgMi02AjVQgJUaw7EzA9NCc4CVrPkq/s640/NYSE_HO.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The NYSE Composite has finally returned to the left shoulder peak, this week:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjib01nwM0fZJ1msDk3zzLqOH1sKFHOZ26DwjSSrwtRHuX-3U2mnfUgfnnhLZEv4nXHgBsA0E7pLaAbs6sF4tR41srG8YhqeZxCiyvrtYcWp2wrGjsKvoDTdq20JwDG9qiPOSVYjfI8t9xV/s1600/NYSE_Composite.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjib01nwM0fZJ1msDk3zzLqOH1sKFHOZ26DwjSSrwtRHuX-3U2mnfUgfnnhLZEv4nXHgBsA0E7pLaAbs6sF4tR41srG8YhqeZxCiyvrtYcWp2wrGjsKvoDTdq20JwDG9qiPOSVYjfI8t9xV/s640/NYSE_Composite.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">For whatever algorithmic window dressing reason, ALL of the major sell-offs in the past two years began just after month end. In addition, as we see now, Emerging Markets rolled over first:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiT8QmffVnSqaPusfyH6vozhM2b5uAlcxw9E_xy5GzzdqocwcXnCviN1aN9bcxi877EA4AoVch8AotbvOigcFdM5xL4uFuhjXVycRLkJWJgRt_WtUd4qNRoQE_V_FNjaJ5gFdkf_yYc7I1I/s1600/EMs.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiT8QmffVnSqaPusfyH6vozhM2b5uAlcxw9E_xy5GzzdqocwcXnCviN1aN9bcxi877EA4AoVch8AotbvOigcFdM5xL4uFuhjXVycRLkJWJgRt_WtUd4qNRoQE_V_FNjaJ5gFdkf_yYc7I1I/s640/EMs.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The largest IPO of the year is over, so this can all end now. After all, Hong Kong is in the worst recession in a decade, and China Financial warning signs are EVERYWHERE:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.bloomberg.com/news/articles/2019-11-28/china-s-financial-warning-signs-are-flashing-almost-everywhere?srnd=premium-asia"><img border="0" data-original-height="209" data-original-width="835" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMVPUqILVbMI2kPJ-Sd1bi2a58f-FVScxEGveuT8j8zncSf-S2Ef6gSarG6FFQTg-FRO5g8uWJQ5JDuRj47AhJB_Wl4gLUkeHN5NU_NJWCom4eQdj7ckvqUYslmnXpESf7qcZmIpNNXXmH/s640/china_warning.PNG" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-K8mF-_TFSIT_7Ron7dQa2zXdUVeQZNTo0KHgpUz0S7yV61hySH3f3BK8d4CC-oYVhVT3_k-ZMshIQ-OWzCUKBqJq29GfTdZMeEvm1ILnbb9-AvtAbjWxsI5YC9C12DL-k3lE68_x6Uyw/s1600/FXI.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-K8mF-_TFSIT_7Ron7dQa2zXdUVeQZNTo0KHgpUz0S7yV61hySH3f3BK8d4CC-oYVhVT3_k-ZMshIQ-OWzCUKBqJq29GfTdZMeEvm1ILnbb9-AvtAbjWxsI5YC9C12DL-k3lE68_x6Uyw/s640/FXI.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
<br />
</span></b> <b><span style="font-size: large;">From a social mood perspective, it's difficult to discern a clear pattern when markets are so heavily manipulated by central banks and window dressing algos. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Nevertheless, one appeared this week compliments of revenueless Biotech stocks. Clinical trial stocks are the riskiest companies in the entire market. Most don't even have sales yet.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Now going parabolic:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMKXCf7qbvFe-FxSHODchavSCLtY2lvDr3Enxak6PQPjEwHEPSN3cbF3caWPGuuqWk50z1keaaHHgjftrOb1iqKuN5JlinBA05__AX4uDaVFeNWgy8Qs6RhnK8apQtHulXpR05N5uZpRNb/s1600/bbc.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMKXCf7qbvFe-FxSHODchavSCLtY2lvDr3Enxak6PQPjEwHEPSN3cbF3caWPGuuqWk50z1keaaHHgjftrOb1iqKuN5JlinBA05__AX4uDaVFeNWgy8Qs6RhnK8apQtHulXpR05N5uZpRNb/s640/bbc.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Financial Asset Managers</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgx00NzYzg-7njtpJ6-NU3BYxmRr2buB5AGlJsjoJ0MInfP-GtZ4_mYXuIlOM1UndteRQxkQJSk8j-_jvonJbcERZHFxibVIz9SS5FbbiJJK4nCI9eSKcapGioHXZ3goACFnpANJRJbWKGz/s1600/financial_managers.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgx00NzYzg-7njtpJ6-NU3BYxmRr2buB5AGlJsjoJ0MInfP-GtZ4_mYXuIlOM1UndteRQxkQJSk8j-_jvonJbcERZHFxibVIz9SS5FbbiJJK4nCI9eSKcapGioHXZ3goACFnpANJRJbWKGz/s640/financial_managers.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b><b><span style="font-size: large;">The top performing IPOs of the past year, each appeared at the three higher highs in the S&P:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrNAu_YCvapfSt0XfEa47jBhJ5I1u8YHIa1iJxhqwFmsi0Cduw1QKWEZCHHTCNUUMgnAnZ5ny-K0kDooB4k4fjVwGVpQiXKCdiieAWiM3DAccRShpSv13O6lLW2YhXZQXKkDkF9HUzfvWT/s1600/karuna.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgrNAu_YCvapfSt0XfEa47jBhJ5I1u8YHIa1iJxhqwFmsi0Cduw1QKWEZCHHTCNUUMgnAnZ5ny-K0kDooB4k4fjVwGVpQiXKCdiieAWiM3DAccRShpSv13O6lLW2YhXZQXKkDkF9HUzfvWT/s640/karuna.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <br />
<b><span style="font-size: large;"><br />
</span></b><b><span style="font-size: large;">Major indications of global risk are necessarily being ignored, as always</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Latin American currencies in particular are getting hammered</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/26/mexicos-economy-has-not-been-this-weak-since-tequila-crisis.html"><img border="0" data-original-height="215" data-original-width="851" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPuj8ac0pNwtn3uIKeAqiVX5Y4jp4s9DWWQGLun5KKa7E1U6w0-P1T6phcWlNuCDu9h7dbkW5yCihVGZzBR7EaBTafVuTJg6HWKyWoprJt7C4I_lHzxnb2qbBzLlWpQEL9gCPu_Fr7FNe_/s640/mexico_economy.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4NkAY-PP5zjW6Kwwd4YZHDlKe-SpKaHmcuy7nF7odEjhHs_mMg5CDWFIytii9vQ3q8bIjgom9NQoKnnVCuSlpzUdrJlaXyYP86P1SxUWjqfeMSU8xQCyTWVzbhBC4Y0bA0NQw7vrATTbd/s1600/peso.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4NkAY-PP5zjW6Kwwd4YZHDlKe-SpKaHmcuy7nF7odEjhHs_mMg5CDWFIytii9vQ3q8bIjgom9NQoKnnVCuSlpzUdrJlaXyYP86P1SxUWjqfeMSU8xQCyTWVzbhBC4Y0bA0NQw7vrATTbd/s640/peso.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/29/us-shoppers-stay-away-from-stores-spend-online-as-black-friday-begins.html"><img border="0" data-original-height="159" data-original-width="767" height="132" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhlTYyT18Ne1q_sX3ZoVjA6dzBMOPwyrXo4nHviy8bssNk-3UIBUmIReapGPic9yoOy_4OPsGmCw9OKrgnxjH0Dap2tjqm5ApgEiVn3ZYyi9qnDZUrzIS3fqKhl25Xn0P3fHzl7z9LHSHqe/s640/shoppers_online.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">"Everyone is online"</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgV1JxWzDJmgnLKgNtm21hHZ_hvdf4oLfvJildHDivRnCghRtHZz3Nx3qku8GRzZdo1fOTXDNWq1vAEof-s9UlG3pzvYhCnOHFU0iEzKBTqnLv2Kh6-NC_-vIJfHbJU5FcvRnUaC4CjX257/s1600/kss.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgV1JxWzDJmgnLKgNtm21hHZ_hvdf4oLfvJildHDivRnCghRtHZz3Nx3qku8GRzZdo1fOTXDNWq1vAEof-s9UlG3pzvYhCnOHFU0iEzKBTqnLv2Kh6-NC_-vIJfHbJU5FcvRnUaC4CjX257/s640/kss.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIoPO3DWH8x60ejADl8Fz-wV_IYLSA9OnvJ-m6Op9hDXucvMUOY8lChL2cgrZJxi8zoKeOQF_o5JuOmcBIGfqP5ySlf0g4i-RbYJUBfKtpKrF8HoB5i6acgmj4NrtiSFNYakiZq8P3D7IL/s1600/online.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIoPO3DWH8x60ejADl8Fz-wV_IYLSA9OnvJ-m6Op9hDXucvMUOY8lChL2cgrZJxi8zoKeOQF_o5JuOmcBIGfqP5ySlf0g4i-RbYJUBfKtpKrF8HoB5i6acgmj4NrtiSFNYakiZq8P3D7IL/s640/online.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">In summary, it was the ideal week for a Terminal Idiocracy to go ALL IN:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/29/china-threatens-strong-counter-measures-after-hong-kong-bill-signings.html"><img border="0" data-original-height="202" data-original-width="772" height="164" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEir8oSFJ6J8QZIqfQHffTCVtDHUWasrzQizqC7fsJTKwRNHy-XAWlRQ9ETbyDGS3jgdQIGaYBdU0FrL04oPyTp1-AqJ__h0WIjee-pUJU-cjkepmw9_eKttFK50kwxVtckUmzan_67mhu7q/s640/china_US_threat.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<b><span style="font-size: large;">"You'll never get a better buying opportunity than this"</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKSDOpztH_qmE9eBCCKFy5Ek5Gc3k4t47DeupQZWWZ5AlKyum954HlRDufo3qmBUvLFUMmM2ip7ht8v3J7vPo7lUTFbQaZJlopJSBXYewUooFVCDsCY3pnaQuVvehVaIiT7ypLWwT1JhPK/s1600/rydex.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKSDOpztH_qmE9eBCCKFy5Ek5Gc3k4t47DeupQZWWZ5AlKyum954HlRDufo3qmBUvLFUMmM2ip7ht8v3J7vPo7lUTFbQaZJlopJSBXYewUooFVCDsCY3pnaQuVvehVaIiT7ypLWwT1JhPK/s640/rydex.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><br />
</span><br />
<div style="text-align: center;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span><br />
<span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div><span style="font-size: large;"> </span><br />
<div style="text-align: center;"><span style="font-size: large;"><br />
</span></div><div style="text-align: center;"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/VNtsVP42bOE" width="560"></iframe></div><br />
<div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><br />
<div style="text-align: center;"><b><span style="font-size: large;"><br />
</span></b></div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><b><span style="font-size: large;"><br />
</span></b></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-68347738223027228272019-11-28T08:44:00.001-08:002019-11-28T17:58:31.645-08:00The American Revelation<div><b><span style="font-size: large;">"We give thanks for simulated prosperity, and a leader who knows better than anyone else how to achieve it"</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://www.investing.com/news/economy/weekly-comic-the-market-bulls-have-a-lot-to-be-thankful-for-this-year-2030044"><img border="0" data-original-height="630" data-original-width="640" height="628" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxrOjDcaHpnzDq_RU395I4E6lCrzNbvHenb0I-r7C3OjIAiniQCKgRZP9-A47Xsgm2IpW99v6elPiuSub-7OC8h4Qav7IgIzH9Z7m89IDzDQyG1eVZBPcP2TEkiamJTNgSUmRhaZW3-JYi/s640/weekly_comic.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Despite RECORD stimulation, social mood is turning down a year early on Trump. According to this chart, there is negligible likelihood he gets re-elected. When the casino implodes, his approval rating will collapse like a cheap tent.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">One by one Republicans are figuring out this is all a MASSIVE con job.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: medium;"><a href="http://www.rasmussenreports.com/public_content/politics/trump_administration/trump_approval_index_history">Rasmussen Daily Presidential Tracker</a></span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijJ1WlBOWOTBYbWeQDv102vHDDJ0oSPQ6Pd9fcaFt2yNTz0vcCzGT4t-lwXqcP-6hm7COUMzq8oerWKuxdhmbuzwAQRtG6hkjwKqM7Keg6kINNBsIqVhmUd5PsafPCszW25iMPMEP21kB7/s1600/social_mood_trump.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijJ1WlBOWOTBYbWeQDv102vHDDJ0oSPQ6Pd9fcaFt2yNTz0vcCzGT4t-lwXqcP-6hm7COUMzq8oerWKuxdhmbuzwAQRtG6hkjwKqM7Keg6kINNBsIqVhmUd5PsafPCszW25iMPMEP21kB7/s640/social_mood_trump.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Trump just triggered potential meltdown by <a href="https://www.cnbc.com/2019/11/27/trump-signs-bill-backing-hong-kong-protesters-into-law-in-spite-of-beijings-objections.html">signing the Hong Kong support bill</a>. Because what else to do when the <u>only market closed in the world</u> is the U.S.?</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div style="text-align: center;"><span style="font-size: large;"><b><i>“I signed these bills out of respect for President Xi, and the people of China"</i></b></span></div><br />
<div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><b><span style="font-size: large;"><u>Exactly one year ago at the G20 summit</u>, the fake trade truce triggered global meltdown into the end of the year. Which is why now, fake trade deal or no fake deal, it won't matter.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">"After a year of non-stop negotiation, we've finally reached an agreement to roll back tariffs to where they were this time last year, and another truce. These Twitter escalations are exhausting"</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.reuters.com/article/usa-trade-china-phasetwo/no-phase-two-u-s-china-deal-on-the-horizon-officials-say-idUSKBN1XZ00H"><img border="0" data-original-height="163" data-original-width="647" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitIVYf3PPtBEItcct0cTbOFD8ECNgc9lmJuQatnjFEry91b2bur2JiNwMEUS6EBXyttFkIoYIf-n0BA-eqrA240k27rwcqu203EluDiYpCUEYYGH1GqWdf5fSCZ1RdlMq1-g8Yk27Eisdy/s640/phase_two.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGsZQ9x3GzEpGj7bj-8qMQfVw9axMlETSBeBGXlP24vVuUzlC_MDl_HHLJHsasJFmucBBkrspx121sTkYR3A1Js98JVKyX9MCni3HBF8cdyx_oHk64kdbo5JNr_MMtxdsou-V8lrncoolS/s1600/one_year_later.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGsZQ9x3GzEpGj7bj-8qMQfVw9axMlETSBeBGXlP24vVuUzlC_MDl_HHLJHsasJFmucBBkrspx121sTkYR3A1Js98JVKyX9MCni3HBF8cdyx_oHk64kdbo5JNr_MMtxdsou-V8lrncoolS/s640/one_year_later.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
You know you're an optimist when:<br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0lUm7ZPOKc-UO5SlxC7iJZCEKLaViki4mVEBhDirK4mwBnnPJsHKLr7SOYV-FaD-kiul0UXy92YH3gwGLiT_78oITG9mVAzzfs20qQiN3u0L511Tc1N0sDCGNOwgoi3GsFedsOqxOc2uQ/s1600/gdow.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0lUm7ZPOKc-UO5SlxC7iJZCEKLaViki4mVEBhDirK4mwBnnPJsHKLr7SOYV-FaD-kiul0UXy92YH3gwGLiT_78oITG9mVAzzfs20qQiN3u0L511Tc1N0sDCGNOwgoi3GsFedsOqxOc2uQ/s640/gdow.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b></div><div><div><span style="font-size: large;"><b>Even at this late stage, there are no shortage of apologists for the corporate status quo. People who gladly put corporate profit ahead of human life. A well-trained cabal of salesmen, and marketing spinmasters, solely preoccupied with making the quarter. The model is disintegrating in broad daylight amid unprecedented wealth inequality, environmental catastrophe, self-medicated euthanasia, and of course America's imploding corporate health care system. By far, the worst in the developed world in terms of costs, life expectancy, and numbers of uninsured. Getting worse by the day, due to the aging population and runaway cost increases. And yet no political solution is even on the horizon. The off-limit subject. After all, there are still a small majority who are on the ever-dwindling life raft of corporate-provided health insurance. When that capsizes in the coming recession, everyone will "get it" at the exact same time. $10/hour JUST to pay for employee health insurance, is in no way sustainable. It's high time for the arrogant among us to look themselves in the mirror and finally admit, "Hey guess what, we don't know what the fuck we're doing, because guess what, we never did".</b></span><br />
<span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.marketwatch.com/story/average-cost-of-employer-provided-family-health-coverage-clears-20000-a-year-mark-2019-09-25"><img border="0" data-original-height="199" data-original-width="809" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEis0TUP3cX6-MSQvLEP6XzEWeA_R1uJfQbdxyMFvNQiK-xqZ2C5k09RKzAqOVBv86kXg_U84630LhE0a10amM9CVnwXTIaPN0wb1s66CpHEyVgxqEoVmjOiMnQu2xxLeE8olgVZOD4P4hif/s640/health_insurance.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>In the meantime, while that's not happening, the corporate impulse to shop and spend is as strong today as ever, despite the steady erosion of the erstwhile middle class. The well-programmed Borg, addicted to instant gratification in every direction.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Those who have not heeded the 2008 warning and otherwise sought a more inner-directed life, squandered this critical decade to addiction. Stillness of the mind being the only natural way to tame dopamine addiction.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Anyone who speaks out against the de facto instant gratification model becomes the new Unabomber. A convenient way to dismiss those who question all of the underlying assumptions - the foundational layer of lies upon which modern corporate Disney World stands. We never see the losers, we only see the winners. Survivor bias on a global scale. Bill Gates now spending all of his time informing the world's poor how good they have it.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>It can come as no surprise that the end of this consumption orgy has attended the largest and most buffoonish lies in U.S. history. Told by the biggest circus clowns in history. Because that's what it took to paper over the chasmic gaps in the Disney facade amid rising mass shootings. </b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Here we see the cost of this delusion measured in mass shootings:</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBoDyRZVncgqYrvABUzGMOYhSHBvNILSy4rujchAXoxUmjM58SznZCmgGYYmpRI8HKo1pYelvur0FKpzR9tzCXwvzDRyUZ4n5pzy0HCkQBLZzs06ZjtViFeElSj5cgjJCmd0YiwaihbwvW/s1600/mass_shootings.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="585" data-original-width="768" height="484" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBoDyRZVncgqYrvABUzGMOYhSHBvNILSy4rujchAXoxUmjM58SznZCmgGYYmpRI8HKo1pYelvur0FKpzR9tzCXwvzDRyUZ4n5pzy0HCkQBLZzs06ZjtViFeElSj5cgjJCmd0YiwaihbwvW/s640/mass_shootings.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Of course any apologist for greed can easily explain away these types of alarming statistics, because in today's super Idiocracy even third grade math is now a conspiracy. Opponents of gun control inform us that this surge in shootings is not due to the deluge of "black gun" assault rifles and para-military equipment that has been unleashed in past decades, it's instead due to the rampant mental health crisis.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>In other words, what we have is a glut of (semi) automatic assault rifles in the hands of the least mentally stable society in U.S. history. Children going to school with bullet-proof backpacks. What I want to know is what is causing all of this anxiety?</b></span><br />
<span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Unlike most Unabombers today, I don't predict an armed revolution. That was so one decade ago, black president end-of-world theory. I've come to realize that the corporate lifestyle is the most efficient killing machine ever devised. There is not enough ammunition in the world to match the carbon reduction that will be caused by the addiction to the consumption status quo. The opioid crisis was NOT a coincidence. Nor was it a conspiracy. It was merely the logical corporate supply response to the chasmic "gaps" in health coverage that have been created by a model that encourages bad consumer choices while making treatment options ever-more expensive. It's a dead end way of life, literally.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Fortunately, there is an inexpensive inoculation to this alluring death trap: Read a book, eat a salad, and go for a walk. All apparently beyond the grasp of the lumbering herd. Caught in the death grip of corporate addiction. </b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>No surprise, this entire farce can be easily ignored by today's perma-smiling corporate TV mannekins, evincing the intelligence of a dead gopher. </b></span><b style="font-size: large;">The assumptions are ignored, because the lies ARE the assumptions. Go off script once, and never be seen again in public. </b><b style="font-size: large;">One must never "trigger" the audience by telling the inconvenient truth. Might cause the herd to stampede.</b></div><div><b style="font-size: large;"><br />
</b></div><div><b style="font-size: large;">All of which is why the sudden death of this gong show can only come as a massive surprise to the useful Idiocracy, the PhDs in money printing, and the used car salesmen concerned solely with making the quarter. </b></div><div><b style="font-size: large;"><br />
</b></div><div><b style="font-size: large;">In other words, everyone you know.</b></div><div><b style="font-size: large;"><br />
</b></div><div><b style="font-size: large;"><br />
</b></div><div><b style="font-size: large;"><br />
</b></div><div><b style="font-size: large;"><br />
</b></div><div><br />
</div></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-44531952211537528732019-11-27T09:27:00.001-08:002019-11-27T13:44:12.857-08:00The Super Dunce, Or The Ones That Follow?<span style="font-size: large;"><b>History will say that the Banana Republican Senate granted Trump exceptional powers of mass deception...</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Why? Because Trump was chosen to do God's work, ending this Roman Circus once and for all.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>But never take my word for it:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.msnbc.com/stephanie-ruhle/watch/rick-perry-says-trump-is-god-s-chosen-one-74107973529"><img border="0" data-original-height="80" data-original-width="372" height="136" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZvZHfFXFLiEmvYH9fk9s12ppH2LojMK9BEC2PEjQH_xNNd-EG7fGBcrN1p4lGxaRRifJIGevuumhgTzEOW2W36F6S0pTfvIigVCVAhEZRz4Q9W2u-lg5TTo6spxDPYw7sxvaRpBrXGiQK/s640/god_chosen_one.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Make no mistake, this WILL BE biblical.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4KGUWtNj2h74y6XEfhurjXFIqQpHf4frxEcKrPmVmti8Deyw8tWa66djkq5mLArD7ztbwN8FRC7h2zp_dVDST8y-0UuZp68sabT-6yz1-q3CZQGqR4ogg8LI3G0mxJlQLwQrOLXqK0OLb/s1600/bubbles.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4KGUWtNj2h74y6XEfhurjXFIqQpHf4frxEcKrPmVmti8Deyw8tWa66djkq5mLArD7ztbwN8FRC7h2zp_dVDST8y-0UuZp68sabT-6yz1-q3CZQGqR4ogg8LI3G0mxJlQLwQrOLXqK0OLb/s640/bubbles.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b> <b style="font-size: large;">Social mood theory posits that emotions move markets. However, under the current Disney markets paradigm, now markets move emotions...</b><br />
<b style="font-size: large;"><br />
</b> <span style="font-size: large;"><b><i>"<a href="https://www.investopedia.com/terms/w/wealtheffect.asp">The wealth effect</a> is a behavioral economic theory suggesting that people spend more as the value of their assets rise. The idea is that consumers feel more financially secure and confident about their wealth when their homes or investment portfolios increase in value. They are made to feel richer, even if their income and fixed costs are the same as before."</i></b></span><br />
<div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWU8vx0YR8ntbjwWVY-BL-ran1IZewm8Plo9hSVW3ZekdZDuAT5kA0ms860e7bK6DK5IDu0zM8gdUbtn6_XnxIAsTByoZG14lVtfCXrHih6en9ee83Atb1AsSlXWq94GLoR9gIp_OpKvfV/s1600/disney.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWU8vx0YR8ntbjwWVY-BL-ran1IZewm8Plo9hSVW3ZekdZDuAT5kA0ms860e7bK6DK5IDu0zM8gdUbtn6_XnxIAsTByoZG14lVtfCXrHih6en9ee83Atb1AsSlXWq94GLoR9gIp_OpKvfV/s640/disney.png" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b></span> <b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;">This is the first time in U.S. history wherein policymakers are specifically seeking to generate the wealth effect in order to drive the economy. </b><b style="font-size: large;">There are many "reasons" to propagate this simulation of prosperity:</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;">- To manipulate consumer sentiment, as indicated above</b><br />
<b style="font-size: large;">- To increase Trump's chances of re-election</b><br />
<b style="font-size: large;">- To lubricate the IPO market</b><br />
<b style="font-size: large;">- To allow corporate insiders to cash out</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;"><u>- To maximize Wall Street bonus</u></b><br />
<b style="font-size: large;"><br />
</b> <br />
<b style="font-size: large;">Apparently no one seems to have a problem with this level of fraud. It's not even a political issue right now. Three years ago right before the election, Trump blamed Janet Yellen for creating the wealth effect to bolster Clinton's election chances. The Fed at that time was in the process of normalizing policy and removing stimulus. Three years later and the Fed has lowered rates three times in 2019 and increased the balance sheet. The greatest stimulus since 2009. </b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b> <b style="font-size: large;"><u>THE BANANA REPUBLICAN DOUBLE STANDARD IS ON FULL DISPLAY</u></b><br />
<b style="font-size: large;"><u><br />
</u></b><b style="font-size: large;">The great white dope gets away with abuses of power on a daily basis, that no other president has even attempted. Including rampant fraud, unprecedented in U.S. history.</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b><br />
<b style="font-size: large;">Which is why the fake wealth effect has created a chasmic gap between fantasy and reality. Particularly around the myth of the independently wealthy "consumer".</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b> <b style="font-size: large;"><a href="https://www.cnbc.com/2019/11/20/why-icahn-is-making-a-400-million-bet-against-malls-record-store-closures-this-year.html">2019 is now seeing record store closures</a>, 35% higher than 2009.</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnD3CIdByydNMkNh3IOmwMVyF0DrwfNy9wK5zuqYkMcXPIVOBoWnIYDnsKFEdv0izlAuuSyIzuQJ7vYinYUSiT6_NL4IpcQzyZ885pBKI4xaT7GK2YxHxw2-zQVkI3zRqS20d3Pl-fixQw/s1600/closings.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="447" data-original-width="633" height="450" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnD3CIdByydNMkNh3IOmwMVyF0DrwfNy9wK5zuqYkMcXPIVOBoWnIYDnsKFEdv0izlAuuSyIzuQJ7vYinYUSiT6_NL4IpcQzyZ885pBKI4xaT7GK2YxHxw2-zQVkI3zRqS20d3Pl-fixQw/s640/closings.PNG" width="640" /></a></div><b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;">How "consumers" feel about the future, is no longer attached to their own spending. </b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;">Apparently everyone is convinced that everyone else is out shopping:</b><br />
<b style="font-size: large;"><br />
</b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTyhq6J50LQRGmgsm1Q_hwrXfD5hKy4lc1dt6qjGSnk6m_R9P5p4aZFQVxrYPGwYwEzwiADFqPP8g87gNLrGr8k0N7w9gfdD8RCQmQoS_prj6N4RW8kDouCKNvNtiH_bBA38F6G5ZuQrC4/s1600/sentiment_reality.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTyhq6J50LQRGmgsm1Q_hwrXfD5hKy4lc1dt6qjGSnk6m_R9P5p4aZFQVxrYPGwYwEzwiADFqPP8g87gNLrGr8k0N7w9gfdD8RCQmQoS_prj6N4RW8kDouCKNvNtiH_bBA38F6G5ZuQrC4/s640/sentiment_reality.png" width="640" /></a></div><b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b> <br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b> <b style="font-size: large;">The same disconnect is on open display in the casino itself.</b><br />
<b style="font-size: large;"><br />
</b> <span style="font-size: large;"><b>Wherein only a small cadre of momentum stocks are attending this "new all time high". Which is why the latest delusion is that the rest of the market is now going to catch up with the mega cap bubble stocks. Unfortunately, that is never going to happen.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/25/small-caps-break-out-to-new-high-for-the-year-in-positive-sign-for-the-whole-stock-market.html"><img border="0" data-original-height="222" data-original-width="892" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgAxjyVK2o-OLEThyphenhyphengl98JMaPWb81p8dB1RqEh_YjIWKZsgSD_I2fCLaLYj0G68LhRHIc-52bFmKa0Q6InVYGx7XDgafmUP0nzUK75KMJi2Tewm4KvU9_ccfr15BGY0TofUNcr0301hrTB/s640/cnbc_small_caps.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbbxPhNPMqZxhRqdnDZptDhhwOKDwQoUB7ZOvKlKjIanhVw7Bin-oVLA-LG8m1Mvrtt3xiWBixejYKorSeOZWMz9Gm8jPd3UdkTV5s8kG8Y014DdYwZ1IYEbhwihK34GCaBC2N5l9z9z_v/s1600/R2K.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbbxPhNPMqZxhRqdnDZptDhhwOKDwQoUB7ZOvKlKjIanhVw7Bin-oVLA-LG8m1Mvrtt3xiWBixejYKorSeOZWMz9Gm8jPd3UdkTV5s8kG8Y014DdYwZ1IYEbhwihK34GCaBC2N5l9z9z_v/s640/R2K.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMPGozH54Qm_QryRwsDVlFaFBcyBkEAlzPaOA4rYqJY6Z0jZDkBPAUyjbPhosn6I6ECaV9K4FYYbKzO5K-AQkzB89u1IvPaqhMdO5o8YWw9OWa5qcP22OXJp_1wiYwLPKld9QxPWoFDGp_/s1600/cyclicals.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMPGozH54Qm_QryRwsDVlFaFBcyBkEAlzPaOA4rYqJY6Z0jZDkBPAUyjbPhosn6I6ECaV9K4FYYbKzO5K-AQkzB89u1IvPaqhMdO5o8YWw9OWa5qcP22OXJp_1wiYwLPKld9QxPWoFDGp_/s640/cyclicals.png" width="640" /></a></div><br />
<br />
<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://www.foxbusiness.com/markets/stocks-point-upwards-after-possible-us-china-trade-war-breakthrough"><img border="0" data-original-height="127" data-original-width="980" height="82" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcoXlNRiLVPM9oyOA_YTpd9bP2arQ5P8Xg4tXkUCATUawpNyWrmkO42w2EYSJGOzQdITNq40M-d9YI3pJrPN6zveWU0urltbRgnuDqm5M6tmSU4EBPBpUPdKvZhOBcdJINPLGu-0oLwwzG/s640/dow_trump.PNG" width="640" /></a></div><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>An entire year of Dow Theory non-confirmation:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyTBfmCPGbmpqStggZgQfn8_1MRINWenCZUsWuOwGQa7M_3w_XMk_8-8yHkUHDQJBrSCeqoeelHa3Vi6giY7BD6svOBM_qx1Gwv6hQXN8Zq62e4V0SWbG1jZ_kkCH4Cw-W3412MNOjqFcm/s1600/transports.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyTBfmCPGbmpqStggZgQfn8_1MRINWenCZUsWuOwGQa7M_3w_XMk_8-8yHkUHDQJBrSCeqoeelHa3Vi6giY7BD6svOBM_qx1Gwv6hQXN8Zq62e4V0SWbG1jZ_kkCH4Cw-W3412MNOjqFcm/s640/transports.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3jS9lkzAOj_8QxQS7czm_I6tU3tcoJqF81otPnQ9H51DeE5S2lNd8C93C_nlTTFhKmeY8LSIbiP3qvvU-x2J0mzaZNsnsj53c35ilQOYb2w5wVAB0xfXLXNfxFm4yKkQpfgW3WYj_luEP/s1600/pharma_etf.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3jS9lkzAOj_8QxQS7czm_I6tU3tcoJqF81otPnQ9H51DeE5S2lNd8C93C_nlTTFhKmeY8LSIbiP3qvvU-x2J0mzaZNsnsj53c35ilQOYb2w5wVAB0xfXLXNfxFm4yKkQpfgW3WYj_luEP/s640/pharma_etf.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8NqCTSk47yPaOdnOAeJEUI__GMuNLr2z8wNdqM2KcstZLfBkhnfWLqaoA39U_0SqCdF8e6lVl0Ibp8VxIv2BDXwuDd_gByPY1Yik2U6pKQ0Wkbf5xGe7Dk6rhWfS3ZK7anylG2nWSSgRe/s1600/ROW.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8NqCTSk47yPaOdnOAeJEUI__GMuNLr2z8wNdqM2KcstZLfBkhnfWLqaoA39U_0SqCdF8e6lVl0Ibp8VxIv2BDXwuDd_gByPY1Yik2U6pKQ0Wkbf5xGe7Dk6rhWfS3ZK7anylG2nWSSgRe/s640/ROW.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-14028135442159942592019-11-26T10:20:00.001-08:002019-11-27T10:24:45.833-08:00Fear Of Missing Crash (FOMC) In Trump Casino<b><span style="font-size: large;">They're sucking them all in now...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">This is by far the dumbest society in U.S. history. Far too dumb to survive. </span></b><b><span style="font-size: large;">Now placing their full faith and credit in printed money, the secret to effortless wealth. All under the abiding assumption that they were the first generation intelligent enough to think of it...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/08/01/similar-adjustments-by-the-federal-reserve-in-the-1990s-led-to-boom-times-for-stocks.html"><img border="0" data-original-height="199" data-original-width="796" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnIAa36RIJFwNbDVCIXDlHmmvXwAFgQ50b5phPQgdaYOlPUf8YH9cWgYq2vTNmHnFGDeW1pZhP8ON7cT4VgxB3cZdpoNd7NhxRBfl00cVsil41ns8pgfl9V68bUNXg3Jf0n6W6JdpGW03I/s640/boom_times.PNG" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghAQd8RRaDeTPyTJY0lZiMj3roaaWBdHv08c9xT5943_XkNZYPn__Q4M6jk9PYfvhCDMxzYAtrdrVd9RFon07kg82f0Vl7-diIEv-Zl_k5K1EAv7peNY22dJGne3AqCprK3giEFWaIZKvf/s1600/mmt_super_bubble.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghAQd8RRaDeTPyTJY0lZiMj3roaaWBdHv08c9xT5943_XkNZYPn__Q4M6jk9PYfvhCDMxzYAtrdrVd9RFon07kg82f0Vl7-diIEv-Zl_k5K1EAv7peNY22dJGne3AqCprK3giEFWaIZKvf/s640/mmt_super_bubble.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<div><span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>There is nothing new under the sun for the hairless monkey. Forever bidding up their own assets and making up stories to go along with the party. When this supernova explodes at all time highs, "unexpectedly", modern day finance will be remembered for nothing more than convincing people to believe things that are absolutely not true. Imagined realities as Hugh Hendry calls them. An indictment of the collapsed morality of this decadent society that must prey upon its own fellow citizenry instead of making an honest living. Prechter was right, the true stock market rally ended in 2000. Subsequently, we've been living through two decades of Japan-style deflation, funding simulated prosperity and non-stop asset bubbles.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Here we see U.S. stocks divided by U.S. debt</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE2mmdS5hwDt9-Q4s3cEKV5XHlbfRsFmGYCUiehDao90G4Wf9bQ4uP5IAmPHnVeJpYHFb7m5iYwv72JOz2HPA3S-DWesK4aNpm4iOtBi-xD9N0-VwfGacSVqPxavbEmqQC4pSZ8vlG7ep-/s1600/stocks_debt.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="613" data-original-width="734" height="532" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE2mmdS5hwDt9-Q4s3cEKV5XHlbfRsFmGYCUiehDao90G4Wf9bQ4uP5IAmPHnVeJpYHFb7m5iYwv72JOz2HPA3S-DWesK4aNpm4iOtBi-xD9N0-VwfGacSVqPxavbEmqQC4pSZ8vlG7ep-/s640/stocks_debt.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>In Elliott Wave (Social mood) parlance, 'b' waves are phony waves, built upon unsound fundamentals. They are fueled by debt accumulation, instead of real wealth. In this case funded by money printing to monetize a debt bubble.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>An MMT Super Bubble inflated by rampant fraud, asinine levels of hubristic ignorance, and non-stop bullshit.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv2OFKTZFcvo4ykEbB2-y9tUpm85BD4R0_aOdTKK_OzCHR36PohySlh-c5Cyrczn9RzkV60r1k8iDL4-eaujeIAd4w7ElBFNn9D5tnjF3k9WVE10dlFySwoSMqo4a5xzbHoa0GM-xKfU6g/s1600/log_scale_dow.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1050" height="548" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv2OFKTZFcvo4ykEbB2-y9tUpm85BD4R0_aOdTKK_OzCHR36PohySlh-c5Cyrczn9RzkV60r1k8iDL4-eaujeIAd4w7ElBFNn9D5tnjF3k9WVE10dlFySwoSMqo4a5xzbHoa0GM-xKfU6g/s640/log_scale_dow.png" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Granted, there are those who view Elliott Wave Theory and technical analysis in general to be financial astrology. These fundamental purists prefer to gaze into their Magic 8 ball and predict where earnings will be one year hence. They are always right, until it really matters, at the end of the cycle. And then they implode spontaneously and spectacularly, without the slightest warning ahead of time. For some reason extrapolating the recent past into the indefinite future comes with its own "predictive" limits.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Especially in the hands of the willingly deaf, dumb, and blind.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/12/fear-of-missing-out-has-replaced-recession-concerns-bofa-survey-finds.html"><img border="0" data-original-height="225" data-original-width="903" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjErYrBG5bMEZXzyznPLLTTVqeZ0Aaoi5i8Uru3st9QALmCqQeoMdnKM7en4PJrb80uLR2z3DznCkRk-YbqhVP0Uib2gvclpzRLxEoF3dUtnEORJAbVhxhmOjPh-IA0Ul9cENPs7be1MzRO/s640/fomo.PNG" width="640" /></a></div><br />
</div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZy1AIl8GBLuYj2xsAJDseh4D0uDrTzy5UkNDjQSR5rTIJ7vqPwC4aZ_URzceCKKieuPWuS9kF8NJpcX-nZ4soWW84yZTIBGOjDZ5smrgKALWdEPkGO5oVJTlI9qz-T6cszj1ZxHmv4Ceq/s1600/durable_goods.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="626" data-original-width="733" height="546" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjZy1AIl8GBLuYj2xsAJDseh4D0uDrTzy5UkNDjQSR5rTIJ7vqPwC4aZ_URzceCKKieuPWuS9kF8NJpcX-nZ4soWW84yZTIBGOjDZ5smrgKALWdEPkGO5oVJTlI9qz-T6cszj1ZxHmv4Ceq/s640/durable_goods.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>For my part, I take all fundamental and technical ideology with a large grain of salt mine. My overriding goal is to avoid extrapolating infinite stupidity into the indefinite future. In a Ponzi World, EVERY cycle will last just long enough to convert the last holdouts to imagined realities. Which is why the longest expansion and bull market in U.S. history, is now at the "mid-point" of the expansion.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Because when the last fool is found, where else could it be?</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.wsj.com/livecoverage/federal-reserve-september-meeting-2019/card/1568829994"><img border="0" data-original-height="104" data-original-width="582" height="114" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhARXr3clQbQAaV8ijNlFyuFuWfMA8EVvgmArfSNU1pmFOd0DiWCs8ROReJOd6ALTZb2mTFejH9PI7OhSE_Qu4G4874M43DKnuOc6gZzIfMaqIU9uzK6FnJ0U9dC-i7w292mgEfa7wP_hAU/s640/dot_plot.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b>It doesn't help when they are the ones running the entire gong show.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpVciyWczMI8vumFSDboshm5RY1TP4q7USMrwdm3gpekfykrJnSe61_ma4mbkYDZKlIIFLC6rSG_8oF2BUMw-FHHdk20VvouY2oMMPx7WDnz1oosYT9cTTJ3LAvuEZWPt6ZTTODZYTDvWe/s1600/bubbles.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpVciyWczMI8vumFSDboshm5RY1TP4q7USMrwdm3gpekfykrJnSe61_ma4mbkYDZKlIIFLC6rSG_8oF2BUMw-FHHdk20VvouY2oMMPx7WDnz1oosYT9cTTJ3LAvuEZWPt6ZTTODZYTDvWe/s640/bubbles.png" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span><span style="font-size: large;"><b>Anyone who thinks this melt-up into this week is a coincidence, is dreaming:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://fortune.com/2019/11/26/markets-alibaba-ipo-hong-kong/"><img border="0" data-original-height="170" data-original-width="792" height="136" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWgYR6e5P4wZixnPCdj1KWM4JTIYLBrDk0QRvZDGFHx8nZxhkYNd22mSrAJTR6rdOrkiNCa1IobZYwyNECKVz7T-Ehup2DRhW2YdRQ1TaYEWymMpcaLbLXAoNy_rmUHPgktoj3GeySO7Ht/s640/alibaba_ipo.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<span style="font-size: large;"><b>"We got them greased up one more time. This can all end now"</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE3iGCzOjbSzhEX2qlCZOHQCRAY8DjfoYOdO2zc8HwesnJxP9vj2JoJyMTFIRhTEBa_xqnnUT9FuYR7ZqlACwvJ-Fnqb4XZGgnm2qcN10ZCjebPBIaieALLJyULJONF1Hi19hjbsSe5BdF/s1600/IPO.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE3iGCzOjbSzhEX2qlCZOHQCRAY8DjfoYOdO2zc8HwesnJxP9vj2JoJyMTFIRhTEBa_xqnnUT9FuYR7ZqlACwvJ-Fnqb4XZGgnm2qcN10ZCjebPBIaieALLJyULJONF1Hi19hjbsSe5BdF/s640/IPO.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1suj4ARVmCPcQh2vLZo8-mN0hRUl-sHaHXAH2ANi-lSS_wSMxsHNUTHRqKaEmxl7l73sUpcygle5b33dgW9q5Xc_L2WXlcaxfGN-cxNLjnZIdphLPdf1YhiUqOHS1Xj7ePOzGVITTZENs/s1600/REITS.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1suj4ARVmCPcQh2vLZo8-mN0hRUl-sHaHXAH2ANi-lSS_wSMxsHNUTHRqKaEmxl7l73sUpcygle5b33dgW9q5Xc_L2WXlcaxfGN-cxNLjnZIdphLPdf1YhiUqOHS1Xj7ePOzGVITTZENs/s640/REITS.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<span style="font-size: large;"><b><br />
</b></span></div><div><div><br />
</div></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-43742979717482657212019-11-25T10:36:00.001-08:002019-11-26T12:29:23.330-08:00Simulated Prosperity. Is Not As Good As It Sounds<b><span style="font-size: large;">Archaeologists will struggle to understand how an unquestioning Borg of self-medicated corporate zombies could be fooled by such an obvious con job. Really, where to begin...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Start with the fact that Trump has unleashed the entrepreneurial forces of unfettered corruption. Which means that for the financial services crime syndicate, this is now an existential con job:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/09/26/wall-street-democratic-donors-may-back-trump-if-warren-is-nominated.html"><img border="0" data-original-height="182" data-original-width="810" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7ePo_UE7nBymalKN0ykhp28JiXQGbUhezOrUz1SXgbiWRdatJjl229eVfqUdfJopEDFyRRC3rRfr4R-lOqH_EP0EEtagro5aJVUqTktffmlic_i-iD41OKBEL_7l3Px7co9C3SJMGJh9D/s640/donny_dump.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b>Basically every part of this willful delusion can be explained by the pervasively narcotic effect of "free money"</b></span><b><span style="font-size: large;">. Today's stampeding herd is not just single lubed as they were at this time last </span></b><b><span style="font-size: large;">year, this year they are double lubed, via <u>maximum fiscal and monetary stimulus</u>.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Apparently anticipating what always comes next for them.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/25/fed-economists-warn-of-inflation-and-economic-ruin-if-mmt-is-adopted.html"><img border="0" data-original-height="208" data-original-width="764" height="172" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhaB2Sjay-T1dmbSaKXRjT2v2dkCD3X4znC_HXFLezVX4k2XgpFqOC0Th6wO4R7I_aTzXaeaKpGM_BZAE1pGX7Sa6hv-IBnbHRDlLib1Fd-mEJSITVa2ePHqe51KjJL6nQ2zrmHduug3_tg/s640/fed_dunces.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i>"Federal Reserve economists warn that printing money to pay for deficit spending, as Modern Monetary Theory proponents recommend, has been a disaster for other nations that have tried it"</i></b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>"Monetizing deficits only works for rich people"</b></span><br />
<span style="font-size: large;"><b>"How dumb are these leftists, no clue how markets work"</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1uaw8lILtVq-drrADz7VM9mVQg9TZYM9W7PDob_l5pc1ZYdDqEYMpag9KzKYVG_9CNgdFigD44rYw50qh6RHnsPRbR7JkMRKp5LWSXmc3wfIHdgrW4FcAwBC-o70mIARjilvLkskNl_q7/s1600/spt.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1uaw8lILtVq-drrADz7VM9mVQg9TZYM9W7PDob_l5pc1ZYdDqEYMpag9KzKYVG_9CNgdFigD44rYw50qh6RHnsPRbR7JkMRKp5LWSXmc3wfIHdgrW4FcAwBC-o70mIARjilvLkskNl_q7/s640/spt.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">In other words, a Magic 8 ball of imagined reality inducing financial heroin, on top of their herd-culling pharma-narcotics.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The ones we see here going late stage parabolic the exact same way they did the last two times the casino exploded.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">"New highs"</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIsZNJp7N6nMa3ZZeaYJ2WVe5sDd5AkM6UxsnLDfl_E9im0WMfLORdVyVTBtb0WioP6GuXqxSSnfUoXUVlBdUBmuXtIjUIo9BJn-luOU395VJImiHenLDtE_h9JQeyiNdut8dnSxAAaAxu/s1600/pharma_etf.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIsZNJp7N6nMa3ZZeaYJ2WVe5sDd5AkM6UxsnLDfl_E9im0WMfLORdVyVTBtb0WioP6GuXqxSSnfUoXUVlBdUBmuXtIjUIo9BJn-luOU395VJImiHenLDtE_h9JQeyiNdut8dnSxAAaAxu/s640/pharma_etf.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">A</span></b><b style="font-size: large;">s befits the name of this blog, it falls on me to explain why "free money" sugar highs are neither healthy nor sustainable. We know for certain it doesn't fall on anyone who makes their living off of this deception. Nor does it fall upon anyone from the mainstream economics establishment, all of whom have been drugged by the simulation of prosperity and its acolyte QE. Now all dedicated converts to Disney markets. </b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;">Had I only chosen instead to write the DisneyWorld blog, I could have taken an entire decade off from writing and left the heavy lifting to today's economic Mickey Mouse club.</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0W3Ra_hFt0S8boZV2lIODWSB50ntfD0c85Xq604xNp8bxV_cSUs-9pOBetVDWqxvvH5fFD14EqZzfVHMTf2wn4SsXGAGn50tHFFDsx9QD_bUvjR5A-fCrG5ot_aPwInrcCJj3R6znzlu-/s1600/reflation.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg0W3Ra_hFt0S8boZV2lIODWSB50ntfD0c85Xq604xNp8bxV_cSUs-9pOBetVDWqxvvH5fFD14EqZzfVHMTf2wn4SsXGAGn50tHFFDsx9QD_bUvjR5A-fCrG5ot_aPwInrcCJj3R6znzlu-/s640/reflation.png" width="640" /></a></div><b style="font-size: large;"><br />
</b> <br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b><br />
<b><span style="font-size: large;">Never before in U.S. history has the U.S. stock market resembled a pure form Ponzi scheme, as now:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i>"A Ponzi scheme is a form of fraud that pays profits to earlier investors with funds from more recent investors. A Ponzi scheme can maintain the illusion of a sustainable enterprise as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b>In today's scenario, the early investors are corporate insiders cashing out at a record rate via record stock buybacks. Also via multi-year high IPO issuance. The later investors are the home gamers who moved to the sidelines in 2008 and <a href="https://www.marketwatch.com/story/fomo-stock-market-sees-a-week-of-record-inflows-2018-01-26">didn't rejoin the market fully again until Trump's election</a>. Why they picked the end of the cycle to crowd into Trump Casino, is again not for me to say.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Here we see smart money insiders hitting the dumb money bid:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYkKMCI2XfnnvHw9qSUoYKCjg42ptaq9Lor_vMtXphZKWogr6-0pIO1MOotYRN7MjNrcRjX1uvpNkWADt5QfYAFJp7CU-g-iVbOt7nxDo7XF55k5_Stlzv7kfuBr2aJ1SfxBDbeoR1q5Hk/s1600/money_markets.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYkKMCI2XfnnvHw9qSUoYKCjg42ptaq9Lor_vMtXphZKWogr6-0pIO1MOotYRN7MjNrcRjX1uvpNkWADt5QfYAFJp7CU-g-iVbOt7nxDo7XF55k5_Stlzv7kfuBr2aJ1SfxBDbeoR1q5Hk/s640/money_markets.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>The illusion they bought with both hands was the illusion of liquidity given off by this low volume melt-up Icarus rally. Even as liquidity itself is collapsing as indicated by the "repo" market - the overnight clearinghouse between banks. This nascent liquidity problem which will grow more acute into the end of the year, will soon be manifest across every speculative asset class at the same time.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.marketwatch.com/story/jpmorgan-anticipates-disorderly-year-end-funding-pressures-again-as-banks-retrench-2019-11-22"><img border="0" data-original-height="167" data-original-width="755" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhi4-Mr8gOcMIg2AtTqgVPOgKx_Eh-WaS0hO-I_jNOfj2O54GIbO6Zy0fFdo1rwZzKLOrbiMY0c6xRFleQddbAuq4QohBOPiyWurtQKhrnKgwi6su7oxNuG6jUtKFTZBh1Ez0rJYaC3FbYN/s640/jpmorgan_funding.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Here we see a measure of unprecedented liquidity removal, via the record U.S. Federal debt issuance taking place right now:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>5% of borrowed GDP, nothing to show for it:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7HJCRe4OiGzFjoswCLd83j6KsdxnW1jl88oJ5-5Lto-8J66TWOcnq4ds-d9DOF_7F4bb8qkXFc7k9NDvuLk_DP34vcXVdAfUACvUr86ch5jhdd8GmM0kJKtaWFxK0HYot-M6VThyphenhyphenB18uc/s1600/debt_issuance.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="629" data-original-width="757" height="530" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7HJCRe4OiGzFjoswCLd83j6KsdxnW1jl88oJ5-5Lto-8J66TWOcnq4ds-d9DOF_7F4bb8qkXFc7k9NDvuLk_DP34vcXVdAfUACvUr86ch5jhdd8GmM0kJKtaWFxK0HYot-M6VThyphenhyphenB18uc/s640/debt_issuance.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>And below we see the solvency crisis that will be revealed by the impending liquidity short fall. Corporate debt as a percentage of GDP. If not a short-term market timing mechanism, at least one that would suggest this is all very late in the game.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuKw-4WZn7fSjZnvYyxAQDIYgtGLWUdCPpvzQjS6qhfQyH6yXlrWBirpQmC711NgubMzSUrmogu1tPS05ZuEdH290dBQ25fOMIYuks9pDrwNg-zx7PugKFNc3VLS5AF92s1AkDJUg39Gx4/s1600/corp_debt.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="605" data-original-width="742" height="520" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuKw-4WZn7fSjZnvYyxAQDIYgtGLWUdCPpvzQjS6qhfQyH6yXlrWBirpQmC711NgubMzSUrmogu1tPS05ZuEdH290dBQ25fOMIYuks9pDrwNg-zx7PugKFNc3VLS5AF92s1AkDJUg39Gx4/s640/corp_debt.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;">In summary, what we are witnessing is the culmination of a decade of fraud - first monetary, and now combined monetary and fiscal for maximum delusional effect. Aided and abetted by today's epochal economic alchemy and flat out deceit on a scale never before approached in all of U.S. history.</b><br />
<b style="font-size: large;"><br />
</b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.latimes.com/business/la-fi-fiduciary-rule-investment-products-20190507-story.html"><img border="0" data-original-height="172" data-original-width="1013" height="108" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwQCf7x9ycamovpTgqFLv3Ete9Jp5catsN1egfdqOBSboTuau7nmQ33NXWPmZY2OG9lTtZ5B25w2HfITdSHUeqifgcjR9qR2WJ8fbssKY9rkcPL43Ga_Ym7lJ9x61BKNWKeEnPzHVDspGK/s640/trump_fid_rule.PNG" width="640" /></a></div><b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;">Any questions?</b><br />
<b style="font-size: large;"><br />
</b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg85y7P6EqT9ipSoyfkCUZctOzpLRk-WElSmDxEIF7ySZXHhjqR6qeGxy74D5XCQlRsAR8IYpZHyXzkq6dgk-CKONtHAREjH34iMKo7RHGgOV5LWEBrlmM_Sm1pJLEOYigg5EsHw1-LMvJq/s1600/fin_assets.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg85y7P6EqT9ipSoyfkCUZctOzpLRk-WElSmDxEIF7ySZXHhjqR6qeGxy74D5XCQlRsAR8IYpZHyXzkq6dgk-CKONtHAREjH34iMKo7RHGgOV5LWEBrlmM_Sm1pJLEOYigg5EsHw1-LMvJq/s640/fin_assets.png" width="640" /></a></div><b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b> <br />
<br />
<br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<br />
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-5815919233745977092019-11-22T19:17:00.002-08:002019-11-24T17:33:34.074-08:00An Explosive Combination Of Farces<b><span style="font-size: large;">The dumber this society gets the more arrogant and over-confident it becomes. The patented Faux News formula for self-implosion...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMJwQdIF8dE9Q7Dh1FxdSfclT-E0HnJ9r6u4oRxyF0kdaqukgkKkNXX9l_T6dKMge2_KRneMz_sjF5OaGTf1M0sV_8ZwvyuuakPOIdrBQnU5QRGovza7wIxrhjpEV8GxxbXcjZlpuj5lOG/s1600/buffalo.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="811" data-original-width="1600" height="324" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMJwQdIF8dE9Q7Dh1FxdSfclT-E0HnJ9r6u4oRxyF0kdaqukgkKkNXX9l_T6dKMge2_KRneMz_sjF5OaGTf1M0sV_8ZwvyuuakPOIdrBQnU5QRGovza7wIxrhjpEV8GxxbXcjZlpuj5lOG/s640/buffalo.jpg" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">O</span></b><b><span style="font-size: large;">n a long enough timeline every denialist moron gets monkey hammered by inconvenient reality. The MAGA echo chamber has done everything possible to ensure it happens. From a stimulus standpoint, </span></b><span style="font-size: large;"><b>this is the best lubricated circle jerk in human history, with no comparison. </b></span><b style="font-size: large;">But don't take my word for it:</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;">Jackpot!!!</b><br />
<b style="font-size: large;">"We're either the smartest generation in U.S. history, or as dumb as a fucking brick. Bet accordingly."</b><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/13/paul-tudor-jones-says-there-is-an-explosive-combination-of-forces-driving-the-market-higher.html"><img border="0" data-original-height="197" data-original-width="764" height="164" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOKaW3D7UIk1mOLAe07GN7-qETD1G8NQGEDAYTLJx9eTpAb3YPC2Ljo197ESd6sNBr5bQiemcrdBhkJh47T6Qo7fACv91-5TV0a5uEC7kNIXqKYELIW8eH5BWAfk5jTEZmBHEMxz7M9Iug/s640/explosive.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><i>“We’ve got an explosive combination of monetary and fiscal policy right now,” billionaire investor Paul Tudor Jones says.</i></b></span><br />
<b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b>Sadly, there is no safety net beneath this Roman Circus. It was squandered creating this fabulous self-exploding illusion of prosperity. Remember, this is what today's bailout junkies fear most - a monetized deficit to benefit the middle class aka. "Socialism". But when it's to their sole benefit, it's a beautiful thing to behold. Capitalism has been saved. Because in a 1000% Idiocracy, it's always better to give free money to people who don't need it, than to give it to people who do. Make no mistake, socialism is by far the best outcome for what comes next. Only arrogant dumbfucks believe they deserve more. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>My entire lonely hypothesis, is that like artificial intelligence, simulated prosperity is not as good as it sounds. The weaponization of these two devices against the masses explains why even at this late stage, the burden of proof remains on me. The populace at large having been massively drugged by the virtual simulation of prosperity and its acolyte, QE.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>And non-stop Twitter bullshit. </b></span><b style="font-size: large;">The whole reason a sociopathic liar was chosen to make this circus great again, is because no one else was up to the task. They searched every carnival to find the right barker...</b><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidA28c7s6L00NRL_rTLzqUEsGDWoqFhEiFzdWssDEz-Cswx6GzAfQ1JFuTygjT3gAhAlZoUbFflX93l7Z6xbMh_zvFtEMN7H-LuyVyZN2FixOYbtvC5G7NkL255SxDL9SQUzGvQeVCRjVq/s1600/donny.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="413" data-original-width="650" height="252" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidA28c7s6L00NRL_rTLzqUEsGDWoqFhEiFzdWssDEz-Cswx6GzAfQ1JFuTygjT3gAhAlZoUbFflX93l7Z6xbMh_zvFtEMN7H-LuyVyZN2FixOYbtvC5G7NkL255SxDL9SQUzGvQeVCRjVq/s400/donny.jpg" width="400" /></a></div><span style="font-size: large;"><b><br />
</b></span> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;">Central banks, understanding the limits of monetary lubrication have been demanding more "fiscal" stimulus for ten years straight. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">What they got via the Trump tax theft was b</span></b><b><span style="font-size: large;">orrowing 5% of GDP to be absconded to the Cayman Islands with a billionaire's marginal propensity to spend the limit approaching zero. Now producing GDP growth at 0%.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><u>Keynesian policy in the hands of known criminals.</u></span></b><br />
<br />
<b><span style="font-size: large;">Until they put money in the hands of the monetized middle class, there will NEVER be reflation lasting longer than an algorithmic sector rotation within an indexed dumbfuck bubble aka. short-covering.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Enter decade-large monetary lubrication to provide the all-critical illusion of trickle down fake wealth to a generation of self-medicated life support zombies. Now engaged in human history's best lubricated circle jerk.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b><span style="font-size: large;"><b>This week we learned that the virtual simulation of prosperity has achieved record optimism within the MAGA echo chamber. </b></span><b style="font-size: large;">Recessionary rate cuts - leaving absolutely no safety net - being their primary source of optimism. Those who eagerly propagate Trump's lies can give themselves full credit...</b><br />
<b style="font-size: large;"><br />
</b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://markets.businessinsider.com/news/stocks/us-consumer-sentiment-november-highest-since-july-university-michigan-survey-2019-11-1028712017"><img border="0" data-original-height="227" data-original-width="882" height="162" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEja58MoTU9RZTbhECJqkYiOP2fMsvNhQyI8EjxvrZs5hDAvDUrRbGoLaWVHjxB0T7tBobkErQAjsH6r_SXiKSCct7YvmGGneqXoV1STEAX9D6t848WZ-9NtpjFsCXroQAT8oJGjvyjgw2jX/s640/rate_cuts.PNG" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b style="font-size: large;"><br />
</b> <b style="font-size: large;"><br />
</b> <br />
<div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><b><i>"Personal spending will be energized by <u>record favorable evaluations by consumers of their personal financial situation</u>"</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i>The economist highlighted <u>a growing partisan gap</u> in consumers' economic expectations..."One side anticipates a recession, while the other side expects an uninterrupted expansion in the year ahead"</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span><br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjb62tgPMlx82xupNB64Ick2-ctF7urpLBv3MwU1DHFWTMBcPysV_jMgTIB8yjh7_iAcEoW17deNwaSeozYmCe4Ha818K_BJ9ZJ0bDTKfNfnRMWtqfdUuCu4NnxIrD3HIYnniPbV7bfi3im/s1600/mid_cycle.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjb62tgPMlx82xupNB64Ick2-ctF7urpLBv3MwU1DHFWTMBcPysV_jMgTIB8yjh7_iAcEoW17deNwaSeozYmCe4Ha818K_BJ9ZJ0bDTKfNfnRMWtqfdUuCu4NnxIrD3HIYnniPbV7bfi3im/s640/mid_cycle.png" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b>No surprise, Wall Street is inventing brand new narratives to fit the mid-cycle con job:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/23/strategists-jilt-tech-stocks-for-steady-income-in-2020-forecasts.html"><img border="0" data-original-height="201" data-original-width="804" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguBgOxXTJOtvPA6zbIpakn6edBhKKJpwpEDSd6QWcM_5as1coC0ATTMC_exz0TzGhsEXjfnohkWKJgxF3UZuauAdDbOAOU0f0sFXl-6orPx1tVN3sik9R_HJeVizHlTxOSvREZfwSsuz_K/s640/strategists.PNG" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i>"Wall Street’s top strategists favor financials and value stocks heading into 2020"</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i>Strategists’ bullish views on financials may come as a surprise to those who’ve tracked <u>the marked decline in long-term interest rates over 2019</u>"</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i>“<u>The sector’s performance has been increasingly correlated with interest rates</u>, but the sector receives no credit for quality and cash return”</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b>Got that? Consumers love lower interest rates and now for the first time in human history, banks do too.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span><span style="font-size: large;"><b>What we see here below is an algorithmic sector rotation within an indexed dumbfuck bubble, conflated as "reflation". Where Wall Street wants its clients to park their money at the end of the cycle. </b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSIeIFP4tXtlfHed3a_1ugjj9k1ph__v5VyeaU3MRDcAGotwXI5K4H_9IBDvjXB1ZQKpDsX87eKEa_fi-oQpN9eba9tG6Ayt28TtQ61l6TjEJeIal3xDfaHStLaJuC8XKnHBepCSmZF3eF/s1600/banks.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSIeIFP4tXtlfHed3a_1ugjj9k1ph__v5VyeaU3MRDcAGotwXI5K4H_9IBDvjXB1ZQKpDsX87eKEa_fi-oQpN9eba9tG6Ayt28TtQ61l6TjEJeIal3xDfaHStLaJuC8XKnHBepCSmZF3eF/s640/banks.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/23/investors-are-left-to-wonder-if-the-stock-market-rally-is-resting-or-rolling-over.html"><img border="0" data-original-height="178" data-original-width="814" height="138" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEJ6tO77g6KUwEc-uhTxHqlKGg4V7lEC10x6pmO8tDabQdz7e1zI4KptaX3tzyunXYsJ2grPnSEBgkXEemHMwSIgeoQ0n9DuEuO5hdqR6Sxco-gXZ7o6mxLylMColuZbtbPCYceG4xtj2Z/s640/cnbs.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><i>"Short-term trader sentiment has become a bit too bullish, arguably, with <u>scant demand for downside put protection</u> and the spread between bulls and bears in the weekly Investors Intelligence poll of advisory services reaching the upper end of its multi-year range"</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaH7OqB2uZmaCcOmvBTjIMc7thiU-_Wp49ibnTznSI8AvbNegajYremnVFsNtsqWSP9grvMMBL1DlYmPTsZS-_XZ9KJ2hOvxoMoYnomWOnzhLaFzx5N0KEiY18FPInPlq_owK06yPA76B-/s1600/fed_put.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaH7OqB2uZmaCcOmvBTjIMc7thiU-_Wp49ibnTznSI8AvbNegajYremnVFsNtsqWSP9grvMMBL1DlYmPTsZS-_XZ9KJ2hOvxoMoYnomWOnzhLaFzx5N0KEiY18FPInPlq_owK06yPA76B-/s640/fed_put.png" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><i><b>There has also been an undertow of selling beneath the index surface that has <u>dragged broad-market breadth lower</u>, with an <u>uptick in the number of stocks making new 52-week lows, albeit also with plenty of fresh highs."</u></b></i></span><br />
<span style="font-size: large;"><i><b><u><br />
</u></b></i></span> <span style="font-size: large;"><b>What he just described is a Hindenburg Omen: A significant number of new highs and lows at the same time. Amid deteriorating breadth.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwPDKx4Fn-p16ygwNuIA2WmVcT4eFoF_jXh6KVyxgxzbFppYgZDiF2koUIbzZfrvyFsAJDmgNfieRCT5c4N2WV8ugDUAsMdnBt1y1BymfFnxdCHVZWm1rZQCpzJGD_GwNV-FtbcLUWgtB_/s1600/NYSE.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwPDKx4Fn-p16ygwNuIA2WmVcT4eFoF_jXh6KVyxgxzbFppYgZDiF2koUIbzZfrvyFsAJDmgNfieRCT5c4N2WV8ugDUAsMdnBt1y1BymfFnxdCHVZWm1rZQCpzJGD_GwNV-FtbcLUWgtB_/s640/NYSE.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>The bottom line:</b></span><br />
<span style="font-size: large;"><b>Ongoing trade war, <a href="https://www.reuters.com/article/us-oecd-economy/oecd-sees-global-growth-at-decade-low-blames-governments-indecision-idUSKBN1XV124">global growth at decade lows</a>, first f<a href="https://www.marketwatch.com/story/earnings-recession-is-expected-to-swallow-all-of-2019-after-holiday-forecasts-disappoint-2019-11-22">ull year carnings recession since 2016</a>, <a href="https://www.frbatlanta.org/cqer/research/gdpnow">Debt-adjusted U.S. GDP is -4.5% this quarter</a>, </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <b style="font-size: large;">Record complacency:</b><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2x959t092ljDXPd_u_WZMr20394V-s3MwnqLxStvMHGiqupUKyW0yKyjhLlklF3BVBtj3Abke1iPS4MBqGHfhMwXDV8T2sOVZ1r2CLjpFAhVNrrzhyphenhyphens9DOcgldmeG4z6_OtV_mCjgI-XV/s1600/united_tech.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2x959t092ljDXPd_u_WZMr20394V-s3MwnqLxStvMHGiqupUKyW0yKyjhLlklF3BVBtj3Abke1iPS4MBqGHfhMwXDV8T2sOVZ1r2CLjpFAhVNrrzhyphenhyphens9DOcgldmeG4z6_OtV_mCjgI-XV/s640/united_tech.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Record global economic policy uncertainty</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: medium;"><b><a href="https://www.policyuncertainty.com/global_monthly.html">https://www.policyuncertainty.com/global_monthly.html</a></b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3kuhGFmsJQurk5zov1UKzJkdo2Zx9MnhZY_alNQRRaNOPdqoX9Q-G24SUiaoES0hzwhL6nzXVF-jHVLAvBpclBEjaH9JegLYk2YgD2AU5-2__65O58znb3HK2wExiuL0ag7FOJE1J1FZX/s1600/GPU.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3kuhGFmsJQurk5zov1UKzJkdo2Zx9MnhZY_alNQRRaNOPdqoX9Q-G24SUiaoES0hzwhL6nzXVF-jHVLAvBpclBEjaH9JegLYk2YgD2AU5-2__65O58znb3HK2wExiuL0ag7FOJE1J1FZX/s640/GPU.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <br />
<span style="font-size: large;"> </span> <span style="font-size: large;"><b><i><br />
</i></b></span> <b style="font-size: large;"><br />
</b><b style="font-size: large;"><b style="font-size: large;"><br />
</b></b><br />
<b style="font-size: large;"><b style="font-size: large;">I predict that the next bailout will be for the middle class. How we get there in the year ahead will not be pretty. Clearly, one side must be fully disabused of a lifetime of crass self-interest and delusion. Nevertheless, the set-up for achieving such ideological u-turn could not be more perfect. I have no doubt the land of opportunism can make the adjustment.</b></b><br />
<b style="font-size: large;"><b style="font-size: large;"><br />
</b></b> <b style="font-size: large;"><b style="font-size: large;"><br />
</b></b> <b style="font-size: large;"><b style="font-size: large;"><br />
</b></b> <br />
<span style="font-size: large;"><b>Cue Gary Busey, 2020:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgM41YTtRe-x6QaGnbNf-o4O6qAJ6B0Lklpm-Iazr_9dbAuUmeOL5hp3qrW_E2YUOuE-o_hJpKHK_jvA3HB1KLtNYOjN219hgh1-P9rLIgD0l5clDuAOrZEVwzHV-HJpTozSTF2OBkurCF1/s1600/busey.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="339" data-original-width="798" height="268" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgM41YTtRe-x6QaGnbNf-o4O6qAJ6B0Lklpm-Iazr_9dbAuUmeOL5hp3qrW_E2YUOuE-o_hJpKHK_jvA3HB1KLtNYOjN219hgh1-P9rLIgD0l5clDuAOrZEVwzHV-HJpTozSTF2OBkurCF1/s640/busey.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><br />
</span><br />
<div style="text-align: center;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div><div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><span style="font-size: large;"></span><br />
<div style="text-align: center;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div><br />
<div style="text-align: center;"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/hT_nvWreIhg" width="560"></iframe><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
<br />
</div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-26922649834963382282019-11-22T08:09:00.002-08:002019-11-22T17:03:58.670-08:00The Last Bubble: Record Bullshit<b><span style="font-size: large;">Anyone who trusts Trump deserves their certain fate...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/22/dow-futures-amid-us-china-trade-uncertainty.html"><img border="0" data-original-height="197" data-original-width="752" height="164" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJzCROCLEleBTBgS3iB0xzxxMhiUeCNcLn7naHDJ9XDc8xjIxqh4lzWRjgBwhZ4tDPzMGFDVmYL_xtelwKn6Lys_9Vw9ewAvYqxRDfhEtRcth_9x_6H7fF_7rmYODPP4DmW2cE0c4bZIt1/s640/dow_rises.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b>Over the past two weeks, five Hindenburg Omens on the Nasdaq and four on the NYSE </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHnxalsciOyeCnXhduR1NUpLhU71II6KYvPMhntWmWhsnYoK1YDhbrB9ObrqLOJMQT87dG5VvMepfLaDB3fqVn_2raxGJYf7_HRoNS3414bVilCv840kNEY_NyWg1K6a3KVDO6UmDn7tUa/s1600/HO.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="673" data-original-width="1200" height="356" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHnxalsciOyeCnXhduR1NUpLhU71II6KYvPMhntWmWhsnYoK1YDhbrB9ObrqLOJMQT87dG5VvMepfLaDB3fqVn_2raxGJYf7_HRoNS3414bVilCv840kNEY_NyWg1K6a3KVDO6UmDn7tUa/s640/HO.jpg" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdqfhMmY3O4_tFQo9z1diL-7LCPBvEF0SWEfcp-Z39pQd3eNrH8T781RguLSfhcr0GFxaw6Uyw7nyw9iGlusCyy17ZkFhw1IdiMaougm1dla_3wzSWMv-YK6Jun4yWDw1ssp1ufYJuR0oj/s1600/NYA.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdqfhMmY3O4_tFQo9z1diL-7LCPBvEF0SWEfcp-Z39pQd3eNrH8T781RguLSfhcr0GFxaw6Uyw7nyw9iGlusCyy17ZkFhw1IdiMaougm1dla_3wzSWMv-YK6Jun4yWDw1ssp1ufYJuR0oj/s640/NYA.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Not confirming the Dow/S&P 2019 all time highs:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Transports</span></b><br />
<b><span style="font-size: large;">Retail</span></b><br />
<b><span style="font-size: large;">Homebuilders</span></b><br />
<b><span style="font-size: large;">Autos</span></b><br />
<b><span style="font-size: large;">Banks</span></b><br />
<b><span style="font-size: large;">Materials</span></b><br />
<b><span style="font-size: large;">Energy</span></b><br />
<b><span style="font-size: large;">Small caps</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">aka. 'Conomy</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjRY23aDW58as_T2ZVcqBp6bzSU9iwAo0_G_pk6suT2oJoWv5c3e-4MgTRKeK1tqcdWSl5quFNrnddbq3t30iJIKRDi_ucyvZhVW-RjqWJzyCH7S5bBxAQcoiyhF9mzNLiqj6NW1bYYvim/s1600/xvg.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjRY23aDW58as_T2ZVcqBp6bzSU9iwAo0_G_pk6suT2oJoWv5c3e-4MgTRKeK1tqcdWSl5quFNrnddbq3t30iJIKRDi_ucyvZhVW-RjqWJzyCH7S5bBxAQcoiyhF9mzNLiqj6NW1bYYvim/s640/xvg.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<br />
<div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">This is all in Trump's hands now. If he signs this bill, the likelihood of a trade deal collapses.</span></b><br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.reuters.com/article/us-usa-china-trade-trump/trump-vague-about-whether-he-will-veto-bills-that-back-hong-kong-protesters-idUSKBN1XW1K5?feedType=RSS&feedName=topNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FtopNews+%28News+%2F+US+%2F+Top+News%29"><img border="0" data-original-height="151" data-original-width="689" height="138" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoL_O66_6PO7L9Fzf09nbogJCN3vW4-mDhDNLdZVfM6iJyfUyfz2AlyVhQiL2zEZmieOek618XNE0uUwGl7zvrPKMGZV4ZCZ9pzhyphenhyphen3yA4E-dHLgeNUSuec5berXbspHS6wMRi-5y2HWzcz/s640/trump_hong_kong.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i>"U.S. President Donald Trump boasted that he alone had prevented Beijing from crushing the demonstrations with a million soldiers."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><i><b>“If it weren’t for me Hong Kong would have been obliterated in 14 minutes,” Trump told Fox News Channel’s “Fox & Friends” without offering any evidence."</b></i></span><br />
<span style="font-size: large;"><i><b><br />
</b></i></span> <span style="font-size: large;"><i><b><br />
</b></i></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtknIoPH8P-vdWGME0KFMzfJShiWtkKm3lPR4E2Gf-6ykgI4KcrTEbgVTexqdguRCTg7YQwJSZiQA4tTNEPldhMJK63zZqL7pSjQaZYGufC-uZVDxd89nU7jOZ4_7r8o-AQCNuk2_X87n-/s1600/monetization.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtknIoPH8P-vdWGME0KFMzfJShiWtkKm3lPR4E2Gf-6ykgI4KcrTEbgVTexqdguRCTg7YQwJSZiQA4tTNEPldhMJK63zZqL7pSjQaZYGufC-uZVDxd89nU7jOZ4_7r8o-AQCNuk2_X87n-/s640/monetization.png" width="640" /></a></div><span style="font-size: large;"><i><b><br />
</b></i></span><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The story that was largely missed yesterday was the fact that the best performing S&P stocks, 5g semiconductor companies, <a href="https://finance.yahoo.com/news/kla-applied-materials-sink-ubs-144349629.html">were downgraded to "SELL"</a>: KLA Tencor, Applied Materials, and Lam Research. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i>"All three stocks have been strong gainers in 2019, easily outperforming the broader market, as well as the Philadelphia Semiconductor Index. Lam Research has nearly doubled thus far this year, while KLA is up more than 80% and Applied Materials has risen more than 70%"</i></b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>These stocks join Texas Instruments and Qualcomm in the recent downgrade party</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwRwBMa7SfEVcOluKFHYsg99pI7zIu9Y0-EXwEUzxevJ9Wtxsxa69joBqXuSXbZV36TnORqjFhbfCkiM8ldNK91NQMYHvw681rI-rHb9t5xN81uJ47rncrpxbVjgB-kL9c3tY_udn9EsGa/s1600/hardware.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwRwBMa7SfEVcOluKFHYsg99pI7zIu9Y0-EXwEUzxevJ9Wtxsxa69joBqXuSXbZV36TnORqjFhbfCkiM8ldNK91NQMYHvw681rI-rHb9t5xN81uJ47rncrpxbVjgB-kL9c3tY_udn9EsGa/s640/hardware.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>In another deja vu of last year, AMD was the top performing S&P stock in 2018; when it rolled over, the market imploded. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>This week the stock had a massive key reversal on the weekly:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoWsjzMFrOnGOa5YqPkKlIHR1gJbWkSWO6pKQ63Rhhng231bqZ7sYZSvcvqWBGwqYu-T91k0wSVaaZJTN2qOmY7Suu8alL6hzgJW4ORvlXw_SdULBlZfdKJgAZ4c_Uok3_iVyDmnmnpTUx/s1600/AMD.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoWsjzMFrOnGOa5YqPkKlIHR1gJbWkSWO6pKQ63Rhhng231bqZ7sYZSvcvqWBGwqYu-T91k0wSVaaZJTN2qOmY7Suu8alL6hzgJW4ORvlXw_SdULBlZfdKJgAZ4c_Uok3_iVyDmnmnpTUx/s640/AMD.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Which means the last bubble has popped</b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtccpBGdE5GnkbHeVs1tQZclIxrfbWejeWT4k1GY_uCrdSwE4anYe-F8jizySMoRiYxQ18ZHcuLX5zy_uBmwN2nDi7ZJ4wxxckogj5M8nzOaDyfc_PUNtmBjT8FlrTN5DwQxkgY1uD_TvD/s1600/5g_bubble.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhtccpBGdE5GnkbHeVs1tQZclIxrfbWejeWT4k1GY_uCrdSwE4anYe-F8jizySMoRiYxQ18ZHcuLX5zy_uBmwN2nDi7ZJ4wxxckogj5M8nzOaDyfc_PUNtmBjT8FlrTN5DwQxkgY1uD_TvD/s640/5g_bubble.png" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b></span> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Now everything is rolling over at the same time</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Deflation trades:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGjOumJwio7OXcJRH3UoLbU05GHbUUgg4fzwe5xc3OeodHmnnGjFnbUpBBQ4gQdrmMhnNbS47bPRDOb7KM4BW874J9b6wbNwHSZ8yONCkrIF5LrkKhC76iHKRyCxQwPBupf1GlIc6MFXWS/s1600/REITS.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGjOumJwio7OXcJRH3UoLbU05GHbUUgg4fzwe5xc3OeodHmnnGjFnbUpBBQ4gQdrmMhnNbS47bPRDOb7KM4BW874J9b6wbNwHSZ8yONCkrIF5LrkKhC76iHKRyCxQwPBupf1GlIc6MFXWS/s640/REITS.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
<br />
Reflation trades:<br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh271YRDW_YtQASN-as0y1SXzhfsTHCtEnZrkcE4jRv6yaK0_9ue4QIRR6_1j0CsLFLwz4NNR33xIld5buDMKa4GBsPIWzTI2P3Zce60_3W9-_ThlCKv204GxzLC6RUv0P7EEaBR4aBhy7Y/s1600/trucking.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh271YRDW_YtQASN-as0y1SXzhfsTHCtEnZrkcE4jRv6yaK0_9ue4QIRR6_1j0CsLFLwz4NNR33xIld5buDMKa4GBsPIWzTI2P3Zce60_3W9-_ThlCKv204GxzLC6RUv0P7EEaBR4aBhy7Y/s640/trucking.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
Deja vu trades<br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6XqjI3YmUF1bMwGgtGRcZ-STbXApLBQiWd736q3rRs17KReLHCnZMA85Hbm2g-wGgBBFJAmK2YZ9Ig8Y7GSYGxXXsJlE1OqlWPhLsyjJb0hXMPMrcsoTj4FJ1B591KyC1_KQRumDx-otc/s1600/gdow.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6XqjI3YmUF1bMwGgtGRcZ-STbXApLBQiWd736q3rRs17KReLHCnZMA85Hbm2g-wGgBBFJAmK2YZ9Ig8Y7GSYGxXXsJlE1OqlWPhLsyjJb0hXMPMrcsoTj4FJ1B591KyC1_KQRumDx-otc/s640/gdow.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
<br />
</span></b> <b><span style="font-size: large;"><br />
</span></b><b><span style="font-size: large;">'Conomy</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQLI8vJD0yB6JlUqf8YP-8mo9EbjFNAUJvhgegyx3NRD0E-X_Rg2j6BjyUL2NhpVCkEKr1omc1_Hunhmk3F6h1jqRyo-tA77tYX3G3ShoLMF9hSzG_4Cco7AVJAnvL7pLD2l7B5GSgZQdy/s1600/deflation.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQLI8vJD0yB6JlUqf8YP-8mo9EbjFNAUJvhgegyx3NRD0E-X_Rg2j6BjyUL2NhpVCkEKr1omc1_Hunhmk3F6h1jqRyo-tA77tYX3G3ShoLMF9hSzG_4Cco7AVJAnvL7pLD2l7B5GSgZQdy/s640/deflation.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<div style="text-align: center;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span><br />
<br />
<div style="text-align: left;"><span style="font-size: large;"><span style="font-weight: 700;"><u>Algos are just starting to figure out</u> that option implied volatility (VIX) is too low relative to realized volatility:</span></span></div><div style="text-align: left;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/22/the-stock-market-and-its-fear-gauge-vix-are-moving-in-unison.html"><img border="0" data-original-height="226" data-original-width="905" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjvuO59strtlmWgtDgqfGKB0rcVMXBSu7vnw9fPvb1ttEbQK5Up4vULQP-8OxFVOhq-px6rQ2lg7FY-sagi3-rezgzkcXr8NL77M0-HhemabqHyHrylUpZULD8ErsBe8Q21BAQnDgTRE6a2/s640/VIX.PNG" width="640" /></a></div><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span> <span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span> <br />
<div style="text-align: left;"><span style="font-size: large;"><b><i>“If there’s not a China trade deal, you are going to see the S&P 500 go down 10% in a heartbeat...It’s going to fall fast. If the talks collapse this time, I think it’s reasonable to assume that nothing is going to happen until the election.”</i></b></span></div><div style="text-align: left;"><span style="font-size: large;"><b><i><br />
</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span></div><div style="text-align: left;"><span style="font-size: large;"><span style="font-weight: 700;">Third week record net short volatility:</span></span></div><div style="text-align: left;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiO04MU1zwcGoWOfPE5HXflafubuqOgupKTlaiFoNR59QK3pOWsvLorD0cP7vbwa2w_CJ1Kusqo7GGWLOZSZa96ps2Fwq9IiazCyVT80Mly6wEjWNkiAKUGXHpMaSglRAoVoqG7TYei4VI/s1600/spt.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiO04MU1zwcGoWOfPE5HXflafubuqOgupKTlaiFoNR59QK3pOWsvLorD0cP7vbwa2w_CJ1Kusqo7GGWLOZSZa96ps2Fwq9IiazCyVT80Mly6wEjWNkiAKUGXHpMaSglRAoVoqG7TYei4VI/s640/spt.png" width="640" /></a></div><div style="text-align: left;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div><div class="separator" style="clear: both; text-align: center;"></div><br />
<br />
<div style="text-align: left;"><b><span style="font-size: large;">It's all on Big Donny now</span></b></div><div style="text-align: left;"><b><span style="font-size: large;"><br />
</span></b></div><div style="text-align: left;"><b><span style="font-size: large;">"A trade deal is very close. I just have to sign this legislation in support of Hong Kong"</span></b></div><div style="text-align: left;"><br />
</div><div style="text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicIzzcdOLJwk6ahxL3NHNEm5bbAEJWB5w2tnia6b6JTPE4zTi99X2bgTF9ws-_XjidyP8L5GZ15GptsJtSWSjcWb0AbVG05-U5alKfVYd0Gm10dqM2aV6sLA33OlEtCweP6k9MoRy_pv33/s1600/fxi.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEicIzzcdOLJwk6ahxL3NHNEm5bbAEJWB5w2tnia6b6JTPE4zTi99X2bgTF9ws-_XjidyP8L5GZ15GptsJtSWSjcWb0AbVG05-U5alKfVYd0Gm10dqM2aV6sLA33OlEtCweP6k9MoRy_pv33/s640/fxi.png" width="640" /></a></div><div style="text-align: left;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div><div style="text-align: left;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div></div><div style="text-align: center;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div><span style="font-size: large;"> </span><br />
<div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><div style="font-weight: bold; text-align: center;"><b><span style="font-size: large;"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/lksDISvCmNI?start=10" width="560"></iframe></span></b></div><span style="font-size: large;"></span><br />
<div style="text-align: center;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div><br />
<div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><span style="font-size: large; font-weight: bold;"><br />
</span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-70269708600583709132019-11-21T06:07:00.001-08:002019-11-21T07:13:54.788-08:00MAGA: The Commanding Heights Of Ignorance And Arrogance<span style="font-size: large;"><b>Somehow at this late juncture both billionaires and the useful corporate Idiocracy who service them, view Trump as their saviour. A testament to the abiding myth of the American Powerball lottery. Buffoonish arrogance has grown in lockstep with ignorance. The less they know, the more confident their command over reality. I, Clownius is not one speck of dust more than the last entertainer in a sudden death overtime circus. Inconvenient reality is closing in for the kill...</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhF8AbWOZKBC7makRrJ2OdN48T86B7W1rizR_5q_b7bHt7kbzNsCSDgAL1DRfyVQ0Mx41wy1tCsH443HnXVfuAFFy8LbFDnc0bLOo5xBSSIyARcYIgjowxROGq5EjyBYk4eHNMcmRibJlkG/s1600/big_long.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="502" data-original-width="502" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhF8AbWOZKBC7makRrJ2OdN48T86B7W1rizR_5q_b7bHt7kbzNsCSDgAL1DRfyVQ0Mx41wy1tCsH443HnXVfuAFFy8LbFDnc0bLOo5xBSSIyARcYIgjowxROGq5EjyBYk4eHNMcmRibJlkG/s400/big_long.PNG" width="400" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
<br />
</span></b> <b><span style="font-size: large;"><br />
</span></b><br />
<span style="font-size: large;"><b>We are now learning that in an aging society there are no limits to the depths of denial. Japanification has gone global. </b></span><b><span style="font-size: large;">This recycling of failed ideas, each time with greater leverage, and each time expecting a different result. The abiding mythology of vulture capitalism remains intact, now on central bank assisted life support. </span></b><b><span style="font-size: large;">Each cycle of lies told by a bigger and dumber circus clown. You have to wonder, at one point in the ascendancy of Disney World did reality become so frightening?</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Throughout his life, Trump was never accepted by the global wealthy elite, <u>UNTIL</u> he became their useful idiot. Their only way back into the hen house. Their penthouse-born Manchurian "man of the people". A man who who turned his own ignorance and stupidity into his greatest asset - Kool-Aid serving demagogue. Now, while the so-called elite roll their eyes at his circus act, nevertheless they know that he is their only hope to maintain their grip on power. <u>He is their last bailout.</u></span></b><br />
<b><span style="font-size: large;"><u><br />
</u></span></b> <b><span style="font-size: large;">The only thing that can end this Roman Circus is denial itself. This steady accumulation of complacency that attends epic economic and financial risk at this very moment.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Still yet "unforeseen" by the happily comatose majority.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">For two weeks in a row, volatility bets have reached new records. The same type of bets that exploded without warning in February 2018:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/11/wall-street-complacent-as-bets-against-volatility-hit-record.html"><img border="0" data-original-height="203" data-original-width="832" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgKtHd81Yz18MJHdWGBXJz1MEa_6DkSqlU_UnJl7bFMMJeh68mLbivLvzOzhwCs1ijqSvFFvR9uesNCEhdnN7rslg6RLDIgQyVBp5pm5iSr_Q6Tjv1ssOpnTqLLd6sZ2QJxZSaCb6cjEZpX/s640/vol_shorts.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Nowhere is denial more obvious and repetitive than in this trade war. The same lies have been told for eighteen months straight, each time leading ultimately to greater escalation. </span></b><b><span style="font-size: large;">But because the Fed is underwriting Trump's entire strategy, the bubble in denial grows larger. The gap between fantasy and denial is now chasmic. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">What we know with certainty, is that the tensions between these two countries are never going to end with a "deal". The hegemonic gloves are off in far more ways than economic, now with both the U.S. House and Senate this week passing a bill to support Hong Kong. Waiting for Trump's signature.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://www.foxnews.com/politics/trump-to-sign-hong-kong-bill-house-senate-chinese-threats-trade"><img border="0" data-original-height="244" data-original-width="1036" height="148" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiTNW0Y7F0Ogs1uCVdyWbpV0te1o0XxF569T5njYG6GD87hoOu4I9TEC4a_n4PMuULOkM0QJMhaVxABZW35SVL8Zzi5_hs4Jchdr3QZjJqT-YJgeonAkzK_dv8n_k8NqtCl7cbfWROWQO5R/s640/trump_hong_kong.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The S&P futures have been oscillating wildly this week based upon various competing headlines and overt market manipulations.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">This was yesterday's bad news:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.reuters.com/article/us-usa-trade-china-timing/phase-one-u-s-china-trade-deal-may-not-be-completed-this-year-trade-sources-idUSKBN1XU2C7"><img border="0" data-original-height="172" data-original-width="754" height="144" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgATXiOuzVpSJAwAoEuPEBcbfPbLdZWNd0tVpcRqXgU643jUdETtbpymG8zA4F_43Rukt7SQUGP3KdVhyDJdJd8D2wyaSLwzUIrR2yPVrouXOlONYTfsPAMknBR0IEss1Fb-jfgPS99AYi9/s640/US_CHINA.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Here we see the most trade war exposed stocks diverging massively. Semiconductors soaring on expectations of a trade deal, while Chinese stocks roll over. Again:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_WeuxTcXdOxrOfQgzl_-3BQuRTpKPzW0ziGDTLkaWvTJPG_uJgrEdkeWodyMnL37unHYnQiZnuZXQBOgX3deGDTwpDPtDdzyOa4co0hMgHsG8FlpAUooh_eVUSkaAoUXZK61TkgKdzwDE/s1600/china_semis.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_WeuxTcXdOxrOfQgzl_-3BQuRTpKPzW0ziGDTLkaWvTJPG_uJgrEdkeWodyMnL37unHYnQiZnuZXQBOgX3deGDTwpDPtDdzyOa4co0hMgHsG8FlpAUooh_eVUSkaAoUXZK61TkgKdzwDE/s640/china_semis.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">And of course on the economy. One year ago, GDP growth was approaching five year highs in the third quarter, and has now collapsed down to near 0%. Despite the greatest combined fiscal and monetary stimulus in U.S. history, outside of the global financial crisis.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The pedal is to the metal and the car is stalled.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.reuters.com/article/us-macy-s-results/macys-cuts-forecast-ahead-of-holiday-season-after-gloomy-quarter-idUSKBN1XV1D1?feedType=RSS&feedName=topNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FtopNews+%28News+%2F+US+%2F+Top+News%29"><img border="0" data-original-height="173" data-original-width="628" height="176" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnL5pIPxFcReWFGRfdlaj5JPed3BDanNfX_hbjyMD8tPIRZk79gHrSJpm2l5dFn_xrvjCzv3pC7wL1cLrgQyFArDuH1AUXC9_YMoskoulqHO6bmiWrPxZHS0uuqJtZFVV3Kd6HSyS3WNJb/s640/macys_forecast.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i>"The department store operator blamed weak international tourism and sluggish mall traffic for the first drop in same-store sales in two years."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1CsmIkLsDV1yR622sHVjK38vfieUCRLWlmV6y-VGpHbnbImficw0REHCQBEA2GMeGAfqxhIewDKhHuASpUHPglDNc74afALLqwAI7aAp3K8E34KOf4UBoaE9moE8Odppt343YDNeWc0oT/s1600/macys.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1CsmIkLsDV1yR622sHVjK38vfieUCRLWlmV6y-VGpHbnbImficw0REHCQBEA2GMeGAfqxhIewDKhHuASpUHPglDNc74afALLqwAI7aAp3K8E34KOf4UBoaE9moE8Odppt343YDNeWc0oT/s640/macys.png" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<b><span style="font-size: large;">Here we see <u>the top performing U.S. industrial stock</u> - United Technologies. </span></b><b><span style="font-size: large;">The pattern this year is virtually identical to last year. A peak and sell-off and then a higher peak later in the year. And, volatility complacency (lower pane) has grown commensurately.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Looking at this chart, one would have no way of knowing that the U.S. economy is stalling into recession.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCiNo0NtP3Y-r1HIdccRtanUnjKT5w-KgQyiZfuzL6c9UW228mvsXkKKvFGdAtg6X_6A_nKNYCZMvqW8a87iQ60aU49t_Q_QP71dv3VYkquEMQMVbLNyKYiNjqijEp90BNPh9qKXikR4um/s1600/UTX.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCiNo0NtP3Y-r1HIdccRtanUnjKT5w-KgQyiZfuzL6c9UW228mvsXkKKvFGdAtg6X_6A_nKNYCZMvqW8a87iQ60aU49t_Q_QP71dv3VYkquEMQMVbLNyKYiNjqijEp90BNPh9qKXikR4um/s640/UTX.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The "Momentum factor" that was abandoned to the "value factor" has struggled back to its all time high, this week:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjghSbGmPk5xY9ykCWY5wL8U-AE0MbYit1DApGfY-Mr-VkVxMnoj1oQwriX9RMBzEYKNwk98g-OAtZSv8koUZ7oGcXauvBvtag9QZJijPfmV8pQVZpyYKP16OslklEOBpjGi-h6jJmwJ-4X/s1600/momentum_factor.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjghSbGmPk5xY9ykCWY5wL8U-AE0MbYit1DApGfY-Mr-VkVxMnoj1oQwriX9RMBzEYKNwk98g-OAtZSv8koUZ7oGcXauvBvtag9QZJijPfmV8pQVZpyYKP16OslklEOBpjGi-h6jJmwJ-4X/s640/momentum_factor.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b><b><span style="font-size: large;">But the "value factor" that received all of those rotational inflows, is rolling over:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeUF8O2K6FVc6yrqvKef9zxEde_K8sJXiynQK46wAEAYWsWml_fprfGkkSvhJD6PdpMMGjOk1Y8SJ95xQJM-AQaOJKm1zJlTm7E7Os2k_gXYy1YW38A-JhOQpquBqHHQjFSjjvJFHU61_p/s1600/value_factor.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeUF8O2K6FVc6yrqvKef9zxEde_K8sJXiynQK46wAEAYWsWml_fprfGkkSvhJD6PdpMMGjOk1Y8SJ95xQJM-AQaOJKm1zJlTm7E7Os2k_gXYy1YW38A-JhOQpquBqHHQjFSjjvJFHU61_p/s640/value_factor.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">An extreme optimist aka. denialist would believe that the rotation will now go back the other way towards deflation/momentum trades.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">But that's not what is going to happen.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3c_Y8nwEALyeb9iJHMzrfwkXJgNWUNUthCy2JuTXGcIxFvJKcUFhUY1H6KjkyN5U7XnPE9W8hGhf-tcGJJBSxQY8bVnhTfnS-kjo_gv1BFwujUo6Po4lQIuJ_BZaLPjtUGqzsCfT0-FeO/s1600/spt.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3c_Y8nwEALyeb9iJHMzrfwkXJgNWUNUthCy2JuTXGcIxFvJKcUFhUY1H6KjkyN5U7XnPE9W8hGhf-tcGJJBSxQY8bVnhTfnS-kjo_gv1BFwujUo6Po4lQIuJ_BZaLPjtUGqzsCfT0-FeO/s640/spt.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">This epic greedfest is one wafer thin mint away from explosion.</span></b><br />
<br />
<div style="text-align: center;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div><span style="font-size: large;"> </span> <br />
<br />
<div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><b></b><br />
<div style="text-align: center;"><b><b><span style="font-size: large;"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/lhbHTjMLN5c?start=77" width="560"></iframe></span></b></b></div><br />
<div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><div style="text-align: center;"><br />
</div><br />
<br />
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-45406010555222922392019-11-20T14:13:00.001-08:002019-11-20T17:20:42.810-08:00"This Is the WORST Simulated Prosperity In U.S. History"<b><span style="font-size: large;">The U.S. is exhibiting all of the hallmarks of a Third World kleptocracy, replete with its own ultra-corrupt Banana Republican potentate and rampant economic fraud. Ever-greater lying is the only thing keeping this epic con job going...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0ddfaBmy1vigsi6lWP7ugMJv9UL0mF4gH5_KiuOPoGt3VOQzfXYEDJmbxKg-hyx5El6NBHQOziNJDlKPV13W852VhyphenhyphengCoki7IC0l2J4jiZWwzUTVPBxZN8wXPf61bhVf-xbbHGBNcIlGE/s1600/van_damme.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="482" data-original-width="791" height="388" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0ddfaBmy1vigsi6lWP7ugMJv9UL0mF4gH5_KiuOPoGt3VOQzfXYEDJmbxKg-hyx5El6NBHQOziNJDlKPV13W852VhyphenhyphengCoki7IC0l2J4jiZWwzUTVPBxZN8wXPf61bhVf-xbbHGBNcIlGE/s640/van_damme.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<b><span style="font-size: large;">It's what apologists for greed call "The new normal":</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Extreme wealth inequality</span></b><br />
<b><span style="font-size: large;">Market manipulation</span></b><br />
<b><span style="font-size: large;">Financial subversion of democracy</span></b><br />
<b><span style="font-size: large;">Looting of the Treasury</span></b><br />
<b><span style="font-size: large;">Continuous boom/bust cycle</span></b><br />
<b><span style="font-size: large;">Monetary simulated prosperity</span></b><br />
<b><span style="font-size: large;">Eroding institutions</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">What's not to like?</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">This is by far the biggest farce of an economy in U.S. history. Which is why so many people believe in it - simulated prosperity and simulated intelligence are now one and the same. At this stage, what passes for common knowledge is whatever lie the loudest clown is shouting from the rooftops. Eagerly propagated by an aging Twitter mob deathly afraid of the truth.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Begin with the most obvious and blatant act of denial - these non-stop monetary bailouts to give the illusion of trickle down wealth. Central banks constantly printing trillions of dollars out of thin air to keep the artificial asset bubble inflated to the sole benefit of the ultra-wealthy - Who by the way no longer pay ANY taxes. And why should they? They earned their wealth the old fashioned way - by standing closest to the printing press. Make no mistake, without these perpetual bailouts, vulture capitalism would have imploded ten years ago. The LEAST deserving class of wealthy Americans in U.S. history, now pays the lowest share of taxes in U.S. history. And yet there are no shortage of useful idiots telling us that we can't raise taxes on the bailout class. Might ruin the "system". These people all believe that if they keep buying Powerball tickets THEY will be the next Bill Gates.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">As far as the middle class goes, there IS NO middle class. Only in the United States could the middle class get obliterated in broad daylight under the auspice of "this is the system". All compliments of the myth of the "jobless consumer". As more and more good jobs got swapped out for junk jobs, we were constantly told that the unemployment rate has never been lower. There have never been so many people holding down multiple shitty jobs at the same time. Unemployment has never been lower, <u>underemployment has never been higher</u> - never before have so many people worked outside of their chosen field.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Which gets us to the retail sector. For ten years straight, middle class mall retail has been obliterated in broad daylight - Sears, JC Penney, Macy's, Toys 'R Us, Sports Authority, Radio Shack - some entirely gone, some merely decimated. This was all explained away as a switch to "online shopping", which has only been around for 25 years. The actual switch is to discount shopping. Discount retailers are soaring because they represent the last segment of the retail market, consumers can afford:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">"Where did you get your dress, I love it"</span></b><br />
<b><span style="font-size: large;">"$3.99 at Target"</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/20/targets-apparel-sales-are-on-fire-and-thats-bad-news-for-its-rivals.html"><img border="0" data-original-height="177" data-original-width="923" height="122" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg54i7yfrk9IlkJczQh7Dv6EcIPLjqCgnXu_BQ6M85GK6Y1K1ukXpIAh1VELkRBg2nHOPKXhOzV2EXVgM6vxDSAEnXFvvlEFvlolg5cb4PrFEnhLENN2bgnBT4Jva6A3MRtUFkdxvQn4l-9/s640/target_apparel.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i>"Clearly, Target’s efforts to get back to being known as “cheap chic” are working."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b>Here we see via jewelers the true story of MAGA:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5m9Po2qH91VEyGR5_aMZHZ9Ug1R70m95H1IcwgAJjk4QttpDlL_A-2XRGe8lEXB0QKj_kAHoUKykmN4bqUQpAwTVDPwUr5yL5x7xMq-_oI0CY3RU3M9AgIMPLZGDwwjL6Amap3Mi_ISUJ/s1600/tif.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5m9Po2qH91VEyGR5_aMZHZ9Ug1R70m95H1IcwgAJjk4QttpDlL_A-2XRGe8lEXB0QKj_kAHoUKykmN4bqUQpAwTVDPwUr5yL5x7xMq-_oI0CY3RU3M9AgIMPLZGDwwjL6Amap3Mi_ISUJ/s640/tif.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><i><br />
<br />
</i></b></span> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The decimation of middle class retail has NOTHING to do with online shopping. Amazon peaked last October. This is solely about the continued strip-mining of the middle class to benefit America's super-rich bailout class.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The decimation of retail is just another part of the MASSIVE economic fraud that is Trumptopia:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">"The consumer is strong"</span></b><br />
<br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFHVxajvpVwT_R0ysCaQVCr3GGAuyopEcxCXLmJIOzrjTKY7zbR3GJEk5jGo16wMS_GcuEJBg8kKi0EhxmoJc8av7bwxcd4IuLRRZio4RfXEylaFl3NDBqugDz9PJOYkmlCVK1dQGjfoSd/s1600/delinquencies.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="621" data-original-width="792" height="500" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFHVxajvpVwT_R0ysCaQVCr3GGAuyopEcxCXLmJIOzrjTKY7zbR3GJEk5jGo16wMS_GcuEJBg8kKi0EhxmoJc8av7bwxcd4IuLRRZio4RfXEylaFl3NDBqugDz9PJOYkmlCVK1dQGjfoSd/s640/delinquencies.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">At what point did "exceptionalism" turn into non-stop lying?</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">When it was inherited by people who didn't create it in the first place. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJvjjX_QyGkgpDALdUAqwCOmZvEbwqEmQ7RqPcQCh21g1kwBAom5HR5EIoBFn1hg0lqriUG87tkjLQq0IvXX5P9B8716LR3G8N9mZgxHc8X8EsT3MSnjzo3liFlVLFzIPLQyXxzPB86cw4/s1600/wmt.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJvjjX_QyGkgpDALdUAqwCOmZvEbwqEmQ7RqPcQCh21g1kwBAom5HR5EIoBFn1hg0lqriUG87tkjLQq0IvXX5P9B8716LR3G8N9mZgxHc8X8EsT3MSnjzo3liFlVLFzIPLQyXxzPB86cw4/s640/wmt.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhm76yJ6vBt2YqP3mLvo7ABcvTYcltDcOGxQ9zUJ7CYMjVHmLuoYxpQC_kgGHWHC7TxyvGg3ajYTR-FzYftGeSw-G1yXkEFoNEXp1SrqV_gnNBe4Kj1yleGXCPxLi2ma3PC2OHrQgXg8INL/s1600/whirlpool.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhm76yJ6vBt2YqP3mLvo7ABcvTYcltDcOGxQ9zUJ7CYMjVHmLuoYxpQC_kgGHWHC7TxyvGg3ajYTR-FzYftGeSw-G1yXkEFoNEXp1SrqV_gnNBe4Kj1yleGXCPxLi2ma3PC2OHrQgXg8INL/s640/whirlpool.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_ChE44nYy_5XydIMBiyoxslttNckB3g3yDo4r0YPIoZzsDVsrbYpYTN5K_K8y99r7Oq8GHSDSH_C8YM6VTcZmwblAPmoBowkq02bhezzwXxbraL3ydq3fbhq-nAatKzo0Th56_EkFcVWE/s1600/cake.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg_ChE44nYy_5XydIMBiyoxslttNckB3g3yDo4r0YPIoZzsDVsrbYpYTN5K_K8y99r7Oq8GHSDSH_C8YM6VTcZmwblAPmoBowkq02bhezzwXxbraL3ydq3fbhq-nAatKzo0Th56_EkFcVWE/s640/cake.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Mind the gap 'n crap</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Because when all of these lies get filled, it's going to be fucking brutal</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3WjYXdqJTNobA7l0n7fQaTsnV28-Kl8B2sUlc1Otm4ghVGcaLTmajedhW-nOBaNwj1fiphPxkgcePotk6ldZGdgRdG_nsNlkQbcSWgoI1hbXlnwxRRLwR_MgScIeyo9ZBicp8lMxPvM_J/s1600/gaps.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3WjYXdqJTNobA7l0n7fQaTsnV28-Kl8B2sUlc1Otm4ghVGcaLTmajedhW-nOBaNwj1fiphPxkgcePotk6ldZGdgRdG_nsNlkQbcSWgoI1hbXlnwxRRLwR_MgScIeyo9ZBicp8lMxPvM_J/s640/gaps.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/19/billionaire-investor-carl-icahn-is-placing-a-big-bet-against-mall-owners-report-says.html"><img border="0" data-original-height="206" data-original-width="750" height="172" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6PmFgS1yGTaAbINtMh0xrZ9UsLzdZOT7p4UgT8dvoR2EegB9uh4T8mzwQ5yProriJtgY3REWGKNNuvUEGRKwa-VJO5Zet1o9o95T6h8oRoucBY1AHZ0NeOHha8FQHWqWmuD5y8CbZFeR2/s640/icahn.PNG" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9sOCEwHP6rimqwlVZhrzzgraGlCcYVMcOiZpKUW-ymDO7GKGxvdTkDrQ_z-j1OvIvmEc1Oysz3ZykDeCoCyr2DpN_m8wjqXherq274OWNfABgRhmNQWM8BFHoUYwIJ5ao9Uc8S1Gq9Hnm/s1600/spg.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9sOCEwHP6rimqwlVZhrzzgraGlCcYVMcOiZpKUW-ymDO7GKGxvdTkDrQ_z-j1OvIvmEc1Oysz3ZykDeCoCyr2DpN_m8wjqXherq274OWNfABgRhmNQWM8BFHoUYwIJ5ao9Uc8S1Gq9Hnm/s640/spg.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: left;"><b><span style="font-size: large;">History will say that MAGA was a vacation from responsibility coming at the end of a vacation from reality...</span></b></div><div class="separator" style="clear: both; text-align: left;"><b><span style="font-size: large;"><br />
</span></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJyYjzajqKDpD8A_CEGS2au-YyAYZfi-F5-ljgyhTbDzH25u1PN-xiBqOrgOeAkx3KAHyRNN6BCw7rFSFgByc8toEh-vezueiIPP1K93LfNRsZ1qIQ2xujw4DjFtZeZBkP0mhGFyQti95O/s1600/signet.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJyYjzajqKDpD8A_CEGS2au-YyAYZfi-F5-ljgyhTbDzH25u1PN-xiBqOrgOeAkx3KAHyRNN6BCw7rFSFgByc8toEh-vezueiIPP1K93LfNRsZ1qIQ2xujw4DjFtZeZBkP0mhGFyQti95O/s640/signet.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
<br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-46990084429023924422019-11-19T09:46:00.001-08:002019-11-19T18:19:11.676-08:00Slowly At First, Then "Sumamabitch!!!"<b><span style="font-size: large;">Two Hindenburg Omens on the NYSE and one on the Nasdaq so far this week. Something about the MAGA trade (<u>M</u>icrosoft, <u>A</u>pple, <u>G</u>oogle, <u>A</u>mazon) powering the entire world market higher, is no longer working...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinCBquKfgekQugrFHYVqZJhMX-YZGKwKT66ULDc6llhDg_cL0ymPf1PhAI1gpF2YEh9AfuMCKYHoobC3wEgym2fxAtcq0f077Owvo8wFOLR92HiKojcZXmhK5_EI_PkDW4HM9nZtMgGlUw/s1600/hindenburg.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="673" data-original-width="1200" height="356" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEinCBquKfgekQugrFHYVqZJhMX-YZGKwKT66ULDc6llhDg_cL0ymPf1PhAI1gpF2YEh9AfuMCKYHoobC3wEgym2fxAtcq0f077Owvo8wFOLR92HiKojcZXmhK5_EI_PkDW4HM9nZtMgGlUw/s640/hindenburg.jpg" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
<br />
Just remember, this was all part of the "strategy".</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">August, 2019:</span></b><br />
<br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://markets.businessinsider.com/news/stocks/trump-bill-dudley-says-fed-shouldnt-enable-trade-wars-2019-8-1028477348"><img border="0" data-original-height="212" data-original-width="947" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgD9UJxk2LPLWTBB1smhwrGie1VHxenvNhoDcl8Urwm_rbnAP07w4k_eviW0VSvZsGO99DXOQpVvtcSksKWUrsRWIzhNc6FK8VN7jHxIkh5zFgmd5gaqst29Km3srfw61woHeDa19Fiz7Md/s640/dudley.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i>"Central bank officials face a choice: enable the Trump administration to continue down a disastrous path of trade war escalation, or..."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b>Too late.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidNM1onGLEJP30Ix79iYmed1uQUPKXglWNiL4a_uLerUzIigEcev6-pZqNW8ah06nppbkZ9KKkFGBQMVquGuASc59hw3szoddXEg0T8d6i9mFKeouZNxjg7SmouHwpHADmyvwW5HboxbR7/s1600/trump_election.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="577" data-original-width="946" height="388" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidNM1onGLEJP30Ix79iYmed1uQUPKXglWNiL4a_uLerUzIigEcev6-pZqNW8ah06nppbkZ9KKkFGBQMVquGuASc59hw3szoddXEg0T8d6i9mFKeouZNxjg7SmouHwpHADmyvwW5HboxbR7/s640/trump_election.PNG" width="640" /></a></div><br />
<span style="font-size: large;"><b><br />
</b></span> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Deja vu of Q4 last year, the NYSE Composite has STILL not confirmed this fake reflation rally. Two more H.O.s week, indicating a rising number of new 52 week lows. </span></b><br />
<br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSoICJFe-mcGOuPUwFLMnJDKEdNeBSWh4nlGQ30uTUHonnE4OsypAz6sjLvgjavMRdtDsXUjNRTHz5HyMc_SPYWsEvX25o53lHgNSyakkteVvROhIvkG-F0xtxu47cDdK2ouj3x9RP56X9/s1600/NYSE.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSoICJFe-mcGOuPUwFLMnJDKEdNeBSWh4nlGQ30uTUHonnE4OsypAz6sjLvgjavMRdtDsXUjNRTHz5HyMc_SPYWsEvX25o53lHgNSyakkteVvROhIvkG-F0xtxu47cDdK2ouj3x9RP56X9/s640/NYSE.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><b><span style="font-size: large;"><br />
</span></b><b><span style="font-size: large;">Since the Fed bailout, the fake reflation trade has been on in "decade size" with semiconductors leading the way:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrms_3nzIFlVHubQguDw0vROA_u-bu9O5HiDWmI8RNaG-cgCAhjnefJm3_D9PSCNPe-0GYITUp6mHzcHDa-dV_jXNiSQ28g8chhVoOj0W-H5COCXsM0r4oUdsjIYY2ipMfCCpIw_gE0MBk/s1600/semiconductors.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrms_3nzIFlVHubQguDw0vROA_u-bu9O5HiDWmI8RNaG-cgCAhjnefJm3_D9PSCNPe-0GYITUp6mHzcHDa-dV_jXNiSQ28g8chhVoOj0W-H5COCXsM0r4oUdsjIYY2ipMfCCpIw_gE0MBk/s640/semiconductors.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
<br />
</span></b> <b><span style="font-size: large;">Safe havens have gotten pole axed</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgH3bfki6x8t0LqKmq_b0mi8wJdv28ZTmBXY4ZoXYsLUvbduIttqyTmwDjO1nosmZmBeooSBpfCasCcNM04ltbVMMer1FW2rDKSCujRL5NzMIIGH1EeY06b-PNuD8_u1Vnor-IMM4OZg8HE/s1600/REITS.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgH3bfki6x8t0LqKmq_b0mi8wJdv28ZTmBXY4ZoXYsLUvbduIttqyTmwDjO1nosmZmBeooSBpfCasCcNM04ltbVMMer1FW2rDKSCujRL5NzMIIGH1EeY06b-PNuD8_u1Vnor-IMM4OZg8HE/s640/REITS.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">It was all going great until the rally ran out of useful morons, and was left running on MAGA glue fumes and NON-STOP Twitter bullshit. <u>The level of market manipulation these past several weeks has been ludicrous even by Trump standards.</u> </span></b><br />
<b><span style="font-size: large;"><br />
</span></b><span style="font-size: large;"><b>Here we see that NOTHING has changed in the past year, other than to escalate the trade war, amid non-stop bullshit:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/19/trump-threatens-higher-tariffs-if-china-doesnt-make-a-trade-deal.html"><img border="0" data-original-height="158" data-original-width="822" height="122" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSGFwY-_hB4driOqa6YFjDKWHugtB4aU63v4wjezhyphenhyphen53KTjQqUD8heibF4HYIUju_XN4Db17L9oNa8k-92dkO3Ie4FvUC5k4nDfYn00i57Wcy_VJRXdixLve0oBMLMgl_lQwTRrYTr3dL8/s640/trump_threat.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixeRPU2jgkj9bf32C4vxiRdzVFerd8zDjV7VSeBOVF88x3u7bc9VdAZMy3K8hyFuWrG_4Tr8OGNjO8s5Fi-MKT3vq-jbT_JGAfl24CPb4A2eh9N47OP9K1-fuoLwsxAS0o-c3ayH-SHKB2/s1600/FXI.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixeRPU2jgkj9bf32C4vxiRdzVFerd8zDjV7VSeBOVF88x3u7bc9VdAZMy3K8hyFuWrG_4Tr8OGNjO8s5Fi-MKT3vq-jbT_JGAfl24CPb4A2eh9N47OP9K1-fuoLwsxAS0o-c3ayH-SHKB2/s640/FXI.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b><b><span style="font-size: large;">Alibabylon just priced its dual listing at today's close and will begin trading in Hong Kong next Tuesday (11/26). Which means that the U.S. and Hong Kong markets are now tied together by the largest IPO of the past decade. Just what you want with Hong Kong in the first recession in a decade amid non-stop rioting. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">After the close on Tuesday, imploding the S&P futures:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/20/us-senate-passes-hong-kong-rights-bill-sending-legislation-to-house.html"><img border="0" data-original-height="201" data-original-width="796" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTKoDFmcnt6bZpnMf5YwLRneu_YFPrO-x95Aja7KQKCB126ec3toFxV7FXcV5YaydouX-GDGcW68-S2tfBKrF-HdFnje3_ZwdAjSy9H3YupTBaaHwP9sDmxbTLNUBErkn0qUxAdfN5FR8s/s640/roman_senate.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj416X2xGuWTzI291s3MUfaJ2OlizpIvjABnYS60PNPt1N1nm7LG-jQGn5JamwArwOVf-Uj6Jr4xn3Ge_d_lFAlJbQxlxZ-DZf5AEajHFRUSZmSN7vdcqKQYJNGh8UptCQf_59lFZIL_v3K/s1600/hong_kong_etf.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj416X2xGuWTzI291s3MUfaJ2OlizpIvjABnYS60PNPt1N1nm7LG-jQGn5JamwArwOVf-Uj6Jr4xn3Ge_d_lFAlJbQxlxZ-DZf5AEajHFRUSZmSN7vdcqKQYJNGh8UptCQf_59lFZIL_v3K/s640/hong_kong_etf.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Now that the glue fumes are wearing off, we learn that fake reflation was a hoax. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Retail earnings are coming out, and they are not looking good. So far, Home Depot and Kohl's have missed the mark. Urban Outfitters is tanking after hours:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmI-ygDIoCTcHHgv4aqPNserFyeE2Q_XRSbgZxWlEFfPr82MWbG7so0lLeg_DKf_k5s7nQyvtzzqQs4LY0Hr4dZfCUh-qBAJ29RhDVzkuprk4yTfm5E9jaHhgfv1_59owmCtmX7JP07Lpy/s1600/kss.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmI-ygDIoCTcHHgv4aqPNserFyeE2Q_XRSbgZxWlEFfPr82MWbG7so0lLeg_DKf_k5s7nQyvtzzqQs4LY0Hr4dZfCUh-qBAJ29RhDVzkuprk4yTfm5E9jaHhgfv1_59owmCtmX7JP07Lpy/s640/kss.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"> Apropos of this new "all time high", drug stocks are going BALLISTIC this week.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">I don't mean pot, I mean the kind of drugs that kill you:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghl1cRVjrKn43V4aayMo2FrPBzJAmoLRTund46inVZZ0bCFcXMAFrJ7WZeG_JEt4k4ZeshVgpmj_Js4miC0wDl6zvhc_i_rybYwYbXut-gQCq75vfF6fMAW7Kzgb93tv-1zCBXNcWTlnCW/s1600/pharma.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEghl1cRVjrKn43V4aayMo2FrPBzJAmoLRTund46inVZZ0bCFcXMAFrJ7WZeG_JEt4k4ZeshVgpmj_Js4miC0wDl6zvhc_i_rybYwYbXut-gQCq75vfF6fMAW7Kzgb93tv-1zCBXNcWTlnCW/s640/pharma.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Meet the new top performing IPO of 2019, up 1,000% this week:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8z5TetCAqPp-AWUqzDUi7ICleMLk5JdbmJLzq3AFYx4V6T3eAf85tYZ5l8SXpUv5-xmb1xOBHeE3Ig8Q25N96jUhDSIGqj_t1TYS_Naq1ql83cbfTE9AuvqJYk7vAhLRN_oTcRRtTU9dU/s1600/krt.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8z5TetCAqPp-AWUqzDUi7ICleMLk5JdbmJLzq3AFYx4V6T3eAf85tYZ5l8SXpUv5-xmb1xOBHeE3Ig8Q25N96jUhDSIGqj_t1TYS_Naq1ql83cbfTE9AuvqJYk7vAhLRN_oTcRRtTU9dU/s640/krt.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b><br />
<br />
<b><span style="font-size: large;">Getting back to Tech, Apple and Microsoft now have a combined market cap equal to all of Canada's equity market:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnn.com/2019/11/01/investing/tech-stocks-faang/index.html"><img border="0" data-original-height="180" data-original-width="927" height="124" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguTZr-ITObqSlwbT3pr_5PuT-y6hFFWuhT8aZdaTQnJL76TH6G6NuIel55ERrI6yrLZb7-pixfhhrIoqF-kHfcbaJyV5FQRLMOt7canTlWsyLGm6WfjVCTzVwfuuI5giYZyu0I_LQJRnW2/s640/apple_msft.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i>"The market today reminds me of the late 1990s," Hackett said, referring to the dot-com bubble, when even unprofitable internet companies were soaring. And stronger companies had price-to-earnings ratios that were likewise astronomical. In March 2000, Cisco (CSCO) had a P/E of 150 and Qualcomm's (QCOM) was just under 170."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><span style="font-size: medium;"> </span> </i></b></span><br />
<span style="font-size: large;"><b><i>That didn't end well."</i></b></span><br />
<div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"></div><div style="text-align: left;"><b><span style="font-size: large;">Nov. 11th, 2019</span></b></div><div style="text-align: left;"><br />
</div><div style="text-align: center;"><a href="https://www.cnbc.com/2019/11/11/morgan-stanley-downgrades-qualcomm-says-valuation-no-longer-attractive.html"><img border="0" data-original-height="239" data-original-width="877" height="172" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBEkE-KfokSvKdw5HREFYINYimx6Ry6M7dL6-MAl8jDW5vKRljGx3UrIukFJfs_rO2AmUen52MIs4cAuGW_pULsEBsJvAqiWS6Zkcx2SK5YQoNtCsgvKbrL-vZWoXDG9w1nL2UxWbSXTMO/s640/ms_downgrade.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZng9h7Qz_4yIhfWU5pRZXnNrEzmLll6V8a7Ktu7mAlqQV5-qHp5t8_JdoALgQSa-yAPSk8brRqkAep5vCsfW2icSqRiCMnlT-l4s2BRk1F6unpDLkYCsSethk9fe7uVgslBAAkjgzkml5/s1600/semis.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZng9h7Qz_4yIhfWU5pRZXnNrEzmLll6V8a7Ktu7mAlqQV5-qHp5t8_JdoALgQSa-yAPSk8brRqkAep5vCsfW2icSqRiCMnlT-l4s2BRk1F6unpDLkYCsSethk9fe7uVgslBAAkjgzkml5/s640/semis.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: left;"><b><span style="font-size: large;"><u>Nov. 14th, 2019</u></span></b></div><div class="separator" style="clear: both; text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.marketwatch.com/story/cisco-stock-plunges-but-the-problem-isnt-cisco-analysts-say-2019-11-14"><img border="0" data-original-height="125" data-original-width="827" height="96" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgu1iiTGe3Xl75jWDUedVpcdeNiZl3L0qhFpNt7A49cuU0S5KUXslP1IhZHVzXaz8HgaYqQpmaAYIff24cfHGM6bTRoIAeGbzBLb2GtxmlKoyFPlk6agEqqlxxEir3Ai1zSkJ8ofPkpjCiQ/s640/cisco_plunge.PNG" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b><span style="font-size: large;"><i><b>"Cisco shares touched an intraday low of $44.60 Thursday morning, 8% lower than Wednesday’s closing price. That’s the biggest one-day drop in the stock <u>since August, when Cisco first started talking about a potential slowdown in tech spending</u>."</b></i></span><br />
<span style="font-size: large;"><i><b><br />
</b></i></span> <br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbHdal9x-4RNvLuKjaRkIUSiV5emG4sVtm2WxusQkU9ZYKmuUhIFWp5s3h_3QDMU8zFHMRh_HmfwdJaVIgd7qCXfyjQHYrown_MIizciVUIPQzy-7ozgUVQfFRdmdpxiN_Z4Cnn5LBnK_H/s1600/cisco.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbHdal9x-4RNvLuKjaRkIUSiV5emG4sVtm2WxusQkU9ZYKmuUhIFWp5s3h_3QDMU8zFHMRh_HmfwdJaVIgd7qCXfyjQHYrown_MIizciVUIPQzy-7ozgUVQfFRdmdpxiN_Z4Cnn5LBnK_H/s640/cisco.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><br />
<i><b><br />
</b></i></span><br />
<span style="font-size: large;"><i><b>"Evercore ISI analyst Amit Daryanani, with an outperform rating and a $55 price target, <u>took some consolation that Cisco’s problems appear to be driven by a slowdown that goes beyond Cisco."</u></b></i></span><br />
<span style="font-size: large;"><i><b><u><br />
</u></b></i></span> <span style="font-size: large;"><i><b><u><br />
</u></b></i></span> <span style="font-size: large;"><b>"Don't worry, it's just a mid-cycle adjustment"</b></span><br />
<span style="font-size: large;"><i><b><u><br />
</u></b></i></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEheWYVgycUmrIgETdfKJ8VAMjnulGtXaqvqXCM3dab3WXd6KEkQZgXkbhQR6OUb-qZww0gb29JKdr7pQ-m5JrWKttqB0Uk8moTIw-m9QWs8mTLasCt6rYn1LSc3Nq6mBh03luyidSPTzd9r/s1600/MID_CYCLE.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEheWYVgycUmrIgETdfKJ8VAMjnulGtXaqvqXCM3dab3WXd6KEkQZgXkbhQR6OUb-qZww0gb29JKdr7pQ-m5JrWKttqB0Uk8moTIw-m9QWs8mTLasCt6rYn1LSc3Nq6mBh03luyidSPTzd9r/s640/MID_CYCLE.png" width="640" /></a></div><span style="font-size: large;"><i><b><u><br />
</u></b></i></span> <span style="font-size: large;"><i><b><u><br />
</u></b></i></span> <span style="font-size: large;"><i><b><u><br />
</u></b></i></span> <span style="font-size: large;"><i><b><u><br />
</u></b></i></span> <br />
<span style="font-size: large;"><i><b><u><br />
</u></b></i></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZUFzbBiq0ZqL0NvXVqkoW1g8-dlv3C-zqg2xhnvxyHjPMYjmtt9FuHiWWXtBbprIoIng0ndYitGStvNCRBmfkNEYYofYaEm-x0S-in_kOKYXkGWakETtPkSmgz0GGQjR0Np-shYfXKNUM/s1600/jack_ma.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="182" data-original-width="274" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZUFzbBiq0ZqL0NvXVqkoW1g8-dlv3C-zqg2xhnvxyHjPMYjmtt9FuHiWWXtBbprIoIng0ndYitGStvNCRBmfkNEYYofYaEm-x0S-in_kOKYXkGWakETtPkSmgz0GGQjR0Np-shYfXKNUM/s400/jack_ma.PNG" width="400" /></a></div><span style="font-size: large;"><i><b><u><br />
</u></b></i></span> <span style="font-size: large;"><i><b><br />
</b></i></span> <span style="font-size: large;"><i><b><br />
</b></i></span> <br />
<span style="font-size: large;"><i><b><br />
</b></i></span> <br />
<span style="font-size: large;"><i><b><br />
</b></i></span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-76120056065755470922019-11-18T17:50:00.003-08:002019-11-18T18:17:04.980-08:00EPIC GREED Self-Imploding<div><span style="font-size: large;"><b>Yes again...</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <b style="font-size: large;">Trump's Treasury secretary wants to use the worst liquidity crisis since 2008 as an excuse to ease lending standards at the end of the cycle. Actually <a href="http://mnuchin%20told%20bloomberg%20he%20recently%20spoke%20to%20jpmorgan%20chase%20ceo%20jamie%20dimon%20and%20other%20banks%20about%20the%20liquidity%20crisis%20and%20how%20to%20solve%20recent%20pressures.%20dimon%20previously%20blamed%20liquidity%20laws/">JP Morgan wants it</a>, he's just doing their bidding...</b></div><div><b style="font-size: large;"><br />
</b></div><div><b style="font-size: large;">What any super idiot would do right now:</b></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://markets.businessinsider.com/news/stocks/treasury-sec-mnuchin-open-to-relaxing-financial-crisis-bank-laws-2019-10-1028641183?utm_source=msn.com&utm_medium=referral&utm_content=msn-slideshow&utm_campaign=bodyurl"><img border="0" data-original-height="284" data-original-width="893" height="202" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihSUXsKPr-dfXYL8-dG2Bb_zNhlmlMJ93mq4voYNj3Nr1DZHPWDsYKfHsROgnDJpqQocghhk8YvKtlNHTRRmV8sDHzNAhMW9Q_OUgO3uP99Kbo_BqRnrGMDdQP7q4BcGTwsrVGbIS7uw-i/s640/loosen_regulations.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><i>"US Treasury Secretary Steven Mnuchin is open to loosening bank laws meant to create buffer reserves in case of financial crisis"</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span></div><div><div style="font-style: italic;"><span style="font-size: large;"><b>Senator Elizabeth Warren penned a letter to Mnuchin warning him not to relax the bank laws:</b></span></div><div style="font-style: italic;"><span style="font-size: large;"><b><br />
</b></span></div><div style="font-style: italic;"><span style="font-size: large;"><b>"These rules were designed to ensure that banks have enough cash on hand to meet their obligations in the event of another market crash. Banks are reporting profits at record levels, and it would be painfully ironic if unexplained chaos in a small corner of the banking market became an excuse to further loosen rules that protect the economy from these kinds of risks."</b></span></div><div style="font-style: italic;"><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Record banking profits are precisely <u>why liquidity is collapsing right now</u>. Banks have all of their money tied up in illiquid "assets" that are becoming more illiquid by the day. It's THAT point in the cycle.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div></div><div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://fortune.com/2019/09/26/the-feds-repo-market-bailout-is-a-sign-of-deeper-problems-that-are-getting-worse-over-time/"><img border="0" data-original-height="241" data-original-width="890" height="172" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjn3gDEtxV9_9LgS6iLyy3FvIPDyB4GsbENfl8WMV3skTarF7vyoSqUIjJVLo7KOXN3F8ZSpmiweom5CLkjtH2gzRiT086wRfJPAgnHWv0RsTPRZfULkQQGySzbBqVI1pyb0vBEe6w3L8in/s640/fortune_repo.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><i>"<u>To increase profits, banks have focused on risky assets with higher returns</u>. "Because banks have not shed some of their riskier assets, they don't have the liquidity they need," says banking regulation consultant Mayra Rodriguez Valladares. "Bankers are constantly talking about how they're private companies and shouldn't have such regulation. But they're wayward teenagers and want Daddy Federal Reserve to save them."</i></b></span></div><div><span style="font-size: large;"><b><i><br />
</i></b></span></div><div class="separator" style="clear: both; text-align: center;"></div><div><br />
</div><div><span style="font-size: large;"><b>Like everything else around here, this problem was not resolved, it was merely hosed away with massive amounts of liquidity:</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.bloomberg.com/news/articles/2019-11-14/powell-faces-doubt-that-fed-really-has-repo-market-under-control"><img border="0" data-original-height="262" data-original-width="1176" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjX4vi4CNX6REFkfivQNkie6dm5FoZMHCvEV7e-eaSt9uKp3JvohnLh02lpDNBp7dtaNxO92wKrYwzuvE4gvtg5Q99b62f47n5DeGwn7OvU4AiBKCOs2CDBdBigBRBAFgUsQKjn2WS7DzMo/s640/powell_repo.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span><br />
<div><span style="font-size: large;"><b></b></span><br />
<div style="font-style: italic;"><span style="font-size: large;"><b><br />
</b></span></div><div style="font-style: italic;"><span style="font-size: large;"><b>"Federal Reserve Chairman Jerome Powell says short-term interest rates are back under control. Not everyone’s convinced. </b></span></div><div style="font-style: italic;"><span style="font-size: large;"><b><br />
</b></span></div><div style="font-style: italic;"><span style="font-size: large;"><b>There’s evidence traders expect pressure to build in the weeks ahead. Brokers on Thursday are quoting repurchase-agreement rates for year-end around 3.25%, or roughly one-and-a-half percentage points higher than today’s levels, and they’ve mostly been above 3% for months. <u>That’s even after Powell’s attempt to reassure markets on Wednesday and the central bank’s announcement Thursday of its latest round of liquidity injections, some of which will span the end of the year.</u>"</b></span></div><div style="font-style: italic;"><span style="font-size: large;"><b><br />
</b></span></div><div style="font-style: italic;"><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>The Fed doesn't have anything under control.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Control is a low volume casino illusion right now. Emergency Fed liquidity generated this end of year asset melt-up which "forced in" Wall Street to dump their hedges and join the party. It was a roundtrip from <a href="https://www.barrons.com/articles/barrons-big-money-poll-why-wall-street-is-scared-of-washington-51572045878">20 year high pessimism</a> to <a href="https://www.cnbc.com/2019/11/12/fear-of-missing-out-has-replaced-recession-concerns-bofa-survey-finds.html">20 year high surge in optimism</a>, in just TWO WEEKS. All because the Fed was hosing down a liquidity problem caused by banks onboarding too much risk at the end of the cycle. </b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>We've seen this movie before - liquidity used as a proxy for solvency. UNTIL such time as liquidity locks up.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>And then all of a sudden the music stops.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: large;"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMFyyCUTXRZSes6teF-LvV4rhAUncz_rNJRWCydfM-wlLS2_iX6kybT4Uzp4WQDcVIWK1YwYp2ZdFyUWru8OF7Vx65yIPJ3wxx_1c1Go1IHCvpN503I7NPnsAki-1ZgRYQHzQQSbolIKEi/s1600/agg_bond.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMFyyCUTXRZSes6teF-LvV4rhAUncz_rNJRWCydfM-wlLS2_iX6kybT4Uzp4WQDcVIWK1YwYp2ZdFyUWru8OF7Vx65yIPJ3wxx_1c1Go1IHCvpN503I7NPnsAki-1ZgRYQHzQQSbolIKEi/s640/agg_bond.png" width="640" /></a></b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>What is truly ironic, is that it's the Fed's liquidity injections that are creating this fake reflation spike, driving up bond yields, and imploding the bond market:</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBfl6dZNWRVh0Y5VYSvQggGnNz9ZKP_O3CxYdnDtBtg6BuD-3LeRiStx_aL4fiLENPt29RztM13OJp2qdX-VvY_eWc9al80uZT0WfvJ_JtHPzgHFCbBdjtMtWFVJR-9-3Y6Y0Iw1tDQ3Ee/s1600/MUB.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBfl6dZNWRVh0Y5VYSvQggGnNz9ZKP_O3CxYdnDtBtg6BuD-3LeRiStx_aL4fiLENPt29RztM13OJp2qdX-VvY_eWc9al80uZT0WfvJ_JtHPzgHFCbBdjtMtWFVJR-9-3Y6Y0Iw1tDQ3Ee/s640/MUB.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: large;"><b></b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Remember the <a href="https://seekingalpha.com/article/4291503-week-momentum-massacres-factor-earthquakes-rotation-fascination">"Momentum Massacre"</a> in early September, caused by the massive rotation from momentum to value? </b></span><br />
<span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>It's about to begin third wave down:</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: large;"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgl3jUqLM2srtx3JhiGwD73E5Bs_c1zhYUpE9ZqlRrhqmY1MSFazLwgaSS__f2_XpQnytcocwuIanvdf7GZpxymEFE0bCU88GO2dcf__B9OU51j9sZ5iSJBgwTmwQ2hRwTsU0YtsPVuhZc_/s1600/momo_tech.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgl3jUqLM2srtx3JhiGwD73E5Bs_c1zhYUpE9ZqlRrhqmY1MSFazLwgaSS__f2_XpQnytcocwuIanvdf7GZpxymEFE0bCU88GO2dcf__B9OU51j9sZ5iSJBgwTmwQ2hRwTsU0YtsPVuhZc_/s640/momo_tech.png" width="640" /></a></b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: large;"><b><a href="https://www.cnbc.com/2019/11/08/jp-morgans-quant-guru-says-the-rotation-into-value-will-continue.html"><img border="0" data-original-height="199" data-original-width="815" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPw3ZsfF2O8_VMnePyk5cApYgh_eryJrZou-rXPmTf3R58v3VzQVzHPcFhA4KG5fZrMObg3BFO06IodYs-ernLrrXxnaG4EHwbK5qjrezrcyX34TA9uxKJK8o2DN89V3ntIqJvwy0ZhrIF/s640/jpmorgan.PNG" width="640" /></a></b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: large;"><b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGoyFViWfnHlE68EDjC86h8mH6y3FLb1vB9h0CmX7MFDbRaqZXJu3j5ktPaaH0p8Y1HWLoSX6KoKyFf0ygiXeXwmFT2agN5d929hRFq6FaNsjFZYzep6ZI6986MYFn_Dj5zTOovmVoLnAw/s1600/jpm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGoyFViWfnHlE68EDjC86h8mH6y3FLb1vB9h0CmX7MFDbRaqZXJu3j5ktPaaH0p8Y1HWLoSX6KoKyFf0ygiXeXwmFT2agN5d929hRFq6FaNsjFZYzep6ZI6986MYFn_Dj5zTOovmVoLnAw/s640/jpm.png" width="640" /></a></b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div></div></div></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-16947052030569536332019-11-18T11:03:00.001-08:002019-11-18T14:33:37.204-08:00Shanghai Surprise 2019<b><span style="font-size: large;">Shanghai Surprise is the fate that awaits those who suspend rational judgment in order to bid up their own assets while pretending to be wealthy. But first, like clockwork, there is no more reliable sign of a top than the rash of recent </span></b><b><span style="font-size: large;"><a href="https://www.reuters.com/article/us-oklahoma-shooting/three-killed-at-shooting-at-oklahoma-walmart-idUSKBN1XS221?feedType=RSS&feedName=topNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FtopNews+%28News+%2F+US+%2F+Top+News%29">mass shootings</a>. Social mood anxiety attack...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Harvard Business School:</span></b><br />
<span style="font-size: large;"><b>"We are introducing a new course to be taught by one of our most accomplished alumni, Benny Bernankenstein"</b></span><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8K7RN9u9tONjbIZehYg1AJ3aMq2oPZFQyYjmFpEkh6RQWlSGRnBn-dDSmRRHGBMaCfUgJ1Iub4OhQgWl9GBmUuYNgA5pbPnfhRfBjBchynEE0SRjH1wKriqd3Jg2t1kYgn7tQVPAXI46o/s1600/bennie.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="289" data-original-width="234" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8K7RN9u9tONjbIZehYg1AJ3aMq2oPZFQyYjmFpEkh6RQWlSGRnBn-dDSmRRHGBMaCfUgJ1Iub4OhQgWl9GBmUuYNgA5pbPnfhRfBjBchynEE0SRjH1wKriqd3Jg2t1kYgn7tQVPAXI46o/s400/bennie.PNG" width="322" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><a href="https://www.zerohedge.com/news/2014-12-31/hugh-hendry-embraces-central-planning-matrix-i-am-taking-blue-pills-now">Recall, the informed approach to Disney Markets:</a></b></span><br />
<span style="font-size: large;"><b><i>"There are times when an investor has no choice but to behave as though he believes in things that don't necessarily exist. For us, that means being willing to be long risk assets in the full knowledge of two things: that those assets may have no qualitative support; and second, that this is all going to end painfully. The good news is that mankind clearly has the ability to suspend rational judgment long and often."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i>"Today there is no stimulus program that our Disney markets will not consider to be successful"</i></b></span><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Good news all around for the financial services crime syndicate. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">It's abundantly clear that the vast majority of the suspended judgment class don't understand the stock market. Worse yet, neither do most of today's pundits. Sure, they understand the need to enjoin money printed asset bubbles, however, that is not the traditional definition of financial "expert". Sadly, when this society took the short bus to "Disney markets", today's so-called experts wholesale abandoned all modicum of financial principles, in exchange for imagined realities. Meanwhile, today's ubiquitous "buy and hold" used car salesmen somehow perceived no change whatsoever in the paradigm shift to simulated prosperity amid multi-century low interest rates, merely assuming that stocks will continue to be a good bet in the long run, as they always have in the past. Which is the greatest imagined reality of all and hence the most prevalent. </span></b><br />
<b><span style="font-size: large;"><u><br />
</u></span></b> <b><span style="font-size: large;"><u>There is now NEGATIVE correlation between the economy and stocks.</u></span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">As we see, stocks generally track economic reflation, as one would expect. However, in 2019, stocks have diverged. Gamblers were too busy front-running central banks to notice that the largest monetary expansion in ten years, isn't working:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYJc5Iixmh5aT4qCWfNDpyvBtIuZ0tQrGWW6rJiJ4_acImO9cS0DTmZnAEvM1JFeeRAlsMwtDFF55huHbrzX7DRfqNAGHo8459YeXPt80X6iUdpGPIuT574aZn6Uafv3DsltVeuRJeILuM/s1600/reflation.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYJc5Iixmh5aT4qCWfNDpyvBtIuZ0tQrGWW6rJiJ4_acImO9cS0DTmZnAEvM1JFeeRAlsMwtDFF55huHbrzX7DRfqNAGHo8459YeXPt80X6iUdpGPIuT574aZn6Uafv3DsltVeuRJeILuM/s640/reflation.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
<br />
<br />
Here we see that the Fed is basically starting to replicate 2008's monetary bailout. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b><span style="font-size: large;"><b>No surprise, the repo liquidity collapse was just another buying opportunity coming "in the middle" of the longest expansion in U.S. history...</b></span><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCPLncVgH5slhh7V9gOam0EuxrIH_GA5rnrns0OWUgeVocOuez2OR8uYCfB_kz4_iWtR5WCfHmw8XS-hdKzjuU6VLwRPOwOfV99BJQEPjO6Yq2NNUsbelT7c7zMcd8Rty9oUlV3q6-4Bpl/s1600/dow.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCPLncVgH5slhh7V9gOam0EuxrIH_GA5rnrns0OWUgeVocOuez2OR8uYCfB_kz4_iWtR5WCfHmw8XS-hdKzjuU6VLwRPOwOfV99BJQEPjO6Yq2NNUsbelT7c7zMcd8Rty9oUlV3q6-4Bpl/s640/dow.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">How does this happen?</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">When corporations strip-mined the middle class down to one last chance for retirement - what we ended up with is a Ponzi stock market inflated via central bank money printing. One last bubble representing all of the combined hopes and aspirations for the "economic" future. But then corporate insiders sold into it with both hands. Because mass delusion was their only chance to get out.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The lesson to be learned, as if simulated prosperity wasn't enough - is that there are two investing strategies that actually do work: One is the value-oriented strategy, meaning buying undervalued stocks and selling them as they reach full value. The Warren Buffett approach. And the other approach is the momentum strategy - waiting until stocks are exploding higher and then jumping on the train. With the plan to jump off ahead of everyone else. Which as one can infer, is not a team sport. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Where almost every investor goes wrong is seeking consensus on markets. In over-valuation, there is no strength in numbers. </span></b><b><span style="font-size: large;">Which is why today's predominant strategy of buying insanely overvalued stocks and "dollar cost averaging" into more overvalued stocks, doesn't work. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Nevertheless, unrealized gains <u>NEVER FAIL</u> to provide the entirely false sense of prosperity that fools crave. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">You have to wonder, how many more times do these people have to learn the exact same lesson?</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">I'm going with one. Although I said that last time. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDmP74dUfjWFhWMc-Y2FYw-vulVQJxBf34-4MsfgR8vGOStE7Ubob0bBHSTKUywkQSoThgTtgLFiTxlMsYDIXbsQhHAzF7q9dJpggo50ibDHmTCV4NTLPAqmCl3rEYEiLrFm1Ux59aN0lQ/s1600/terminal_idiocracy.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDmP74dUfjWFhWMc-Y2FYw-vulVQJxBf34-4MsfgR8vGOStE7Ubob0bBHSTKUywkQSoThgTtgLFiTxlMsYDIXbsQhHAzF7q9dJpggo50ibDHmTCV4NTLPAqmCl3rEYEiLrFm1Ux59aN0lQ/s640/terminal_idiocracy.png" width="640" /></a></div><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<br />
<br />
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-33344499974139630782019-11-17T18:10:00.000-08:002019-11-17T18:56:15.777-08:00Prepare For Brown Swan Event: The Farce Be With You<b><span style="font-size: large;">Sadly, having one's head installed in their own ass does not qualify as a "Black Swan event". Albeit, the result is the same...</span></b><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>EPIC denial. EPIC complacency. EPIC trust in proven morons. Ten fold risks over last year's Q4 -20% crash, offset solely by the total belief in printed money. The Jedi Mind Trick for weak-minded fools. </b></span><b style="font-size: large;">In other words, you have to be brain dead not to see this coming. Which is why it will come as an extreme shock to the useful Idiocracy.</b><br />
<div><div><b style="font-size: large;"><br />
</b> <b style="font-size: large;">All hedges have been removed. And replaced with imagined realities. Like the one where the FOMC convenes a 3am meeting to buy the futures limit down. In everything at the same time. </b></div><div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>"Last year, Q4 GDP was 3%, this year it's at .3%"</b></span><br />
<span style="font-size: large;"><b>"Right, but this year we have printed money, which is far better"</b></span><br />
<span style="font-size: large;"><b>"Oh, got it"</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhs7MhD5PmkhjLLShIiD0874mXiQG8zadrWgastIi1RCVvHdpZj4HuoMWwHS6d7XNaFdDW5_P-sbdtRDRfXVgd8FD-Aqb2_j3yTmk1TagIT5cq67mc-IMoEkS3_a78wSoKGEV_-PhlSfEzb/s1600/skew.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhs7MhD5PmkhjLLShIiD0874mXiQG8zadrWgastIi1RCVvHdpZj4HuoMWwHS6d7XNaFdDW5_P-sbdtRDRfXVgd8FD-Aqb2_j3yTmk1TagIT5cq67mc-IMoEkS3_a78wSoKGEV_-PhlSfEzb/s640/skew.png" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span><br />
<div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Here we see the comparison between last year and this year. This year, a far bigger Tech bubble accompanied by far less hedging:</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpKXJT5c_5-5l9C5lDn5p1mbFjKpoTOpwmGY5LyAzDcZnfALrfxfilHIYqEGYFqnCsUo1yFp_B6-y7Hj2tMHRlDEy9psMdGiUXY8PyilZO90gJ2YbUP0fQQsEkMoIMMH-8r55di4aBeCAj/s1600/hardware.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpKXJT5c_5-5l9C5lDn5p1mbFjKpoTOpwmGY5LyAzDcZnfALrfxfilHIYqEGYFqnCsUo1yFp_B6-y7Hj2tMHRlDEy9psMdGiUXY8PyilZO90gJ2YbUP0fQQsEkMoIMMH-8r55di4aBeCAj/s640/hardware.png" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>The 5g Tech bubble, is the only thing keeping the casino pinned to all time highs:</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAdbmgNNQUtorgnGeTf0ADvCfm3ctvnBq4rL1JjL7OKxhEzP5DBBiKnO_VP1Lifwy_BcXqia7Ui_LmaV4tl1ouryF7UpUMl6qHJU4GqOfCDxbH4Oz_ubYpwfc7-6wL1i2gmi1wDcvRY3_f/s1600/5g_bubble.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAdbmgNNQUtorgnGeTf0ADvCfm3ctvnBq4rL1JjL7OKxhEzP5DBBiKnO_VP1Lifwy_BcXqia7Ui_LmaV4tl1ouryF7UpUMl6qHJU4GqOfCDxbH4Oz_ubYpwfc7-6wL1i2gmi1wDcvRY3_f/s640/5g_bubble.png" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><br />
</div><div><span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Yes, this Tech bubble</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVLg9hvEvmZSBZ_i4Hr9uYWDSRO86Ol6gg6QZt2uCwBJRl9f8L-3pV-NKljlxE2gUQBPq5CJnCU2zUmMllnK9mLYt7vT6cKFiGK40ltvrLqSZpJ7_utIQzjBmSIZkAqfMHiW6AEZFjaSgh/s1600/spt.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVLg9hvEvmZSBZ_i4Hr9uYWDSRO86Ol6gg6QZt2uCwBJRl9f8L-3pV-NKljlxE2gUQBPq5CJnCU2zUmMllnK9mLYt7vT6cKFiGK40ltvrLqSZpJ7_utIQzjBmSIZkAqfMHiW6AEZFjaSgh/s640/spt.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Here we see social mood via the option call/put index:</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfGCssuMO-X6pkTePbp6de3RwKPvryFVzqfiEnDJwL5gsmM5Ook_4ZOW_rckLftKX5UUYCjGST0Ji-3tIcRwtYHHRLBgqakla6vOZeFI9_3jC3_MN_ZBq57bL1duzbACvdaMUHJFt468Db/s1600/ISE_call_put.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfGCssuMO-X6pkTePbp6de3RwKPvryFVzqfiEnDJwL5gsmM5Ook_4ZOW_rckLftKX5UUYCjGST0Ji-3tIcRwtYHHRLBgqakla6vOZeFI9_3jC3_MN_ZBq57bL1duzbACvdaMUHJFt468Db/s640/ISE_call_put.png" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>On the subject of social mood, here we see the IBD 50, finishing up the right shoulder, two years from the same level:</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzqlRz5lgdZbFLFQkC0zmmvd90w6l2Bz0L8zbxvBkCyNMkqaSTWIP2woYtJJnWt5vrR4qWalRRRavRBv3qQ3xABz5sobpw0VRCG9-3WsoP6Xvnd3LgtIF_6B-3UcmK712TxsMqbBxdZk1z/s1600/IBD50.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzqlRz5lgdZbFLFQkC0zmmvd90w6l2Bz0L8zbxvBkCyNMkqaSTWIP2woYtJJnWt5vrR4qWalRRRavRBv3qQ3xABz5sobpw0VRCG9-3WsoP6Xvnd3LgtIF_6B-3UcmK712TxsMqbBxdZk1z/s640/IBD50.png" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span><br />
<div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;">New all time short open interest in the VIX futures</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;">Record bets on continued year-end melt-up:</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4CtPEJpxLLFy2fwmJbsOgx-MNYdiHWVgj3aVcYZ0DEHA38I2ChQISVmpg50pj6RYq4YICK_4IqV6RhqdG71n5GVmTgdmPFzIk9oZRKVsrPZmXFVBRypq94rp1e7KK-vqAZ6bwOs_A3ub1/s1600/FIX_futures.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4CtPEJpxLLFy2fwmJbsOgx-MNYdiHWVgj3aVcYZ0DEHA38I2ChQISVmpg50pj6RYq4YICK_4IqV6RhqdG71n5GVmTgdmPFzIk9oZRKVsrPZmXFVBRypq94rp1e7KK-vqAZ6bwOs_A3ub1/s640/FIX_futures.png" width="640" /></a></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;">Notwithstanding the recent whiplash end of year performance anxiety, overall flows are still solidly negative for all of 2019:</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.marketwatch.com/story/investors-putting-money-back-into-stock-market-funds-but-flows-still-solidly-negative-for-2019-2019-11-15"><img border="0" data-original-height="185" data-original-width="793" height="148" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBMpIrcUPje8yKI99w6Nv5aCFXhn21pTuglrvBd47n_n0pSvyycmyCrsn9rh8pr4gRPZSFazZwS0yL_5M0sxUFTvJdAbecdoTe2qDVQN4tBnePVUhUT-KKorPQx2uvVbAqSLwNkDAA2KVV/s640/negative_flows.PNG" width="640" /></a></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><span style="font-size: large;"><b><i>"Heavy outflows from equity funds have been a feature of the market even as stocks have roared back from a late 2018 selloff"</i></b></span></div><div><span style="font-size: large;"><b><i><br />
</i></b></span></div><div><span style="font-size: large;"><b><i><br />
</i></b></span></div><div><span style="font-size: large;"><b>Which is why this fake reflation headfake is the last rotation</b></span></div><div><span style="font-size: large;"><b><i><br />
</i></b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguHkYM-ac-V24CYUcvoWIQMc_BuyQrsfGyx-_-yve3y1T7Bm0ZDmIGpVCfVQQr3LhLJS7IQY9z3b4H2mTC7sISWO1gXysX46YUEQW10zKIEo-THJV8gUGjzBNiRqd93F1nHwJLJOaIEE6B/s1600/money_markets.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguHkYM-ac-V24CYUcvoWIQMc_BuyQrsfGyx-_-yve3y1T7Bm0ZDmIGpVCfVQQr3LhLJS7IQY9z3b4H2mTC7sISWO1gXysX46YUEQW10zKIEo-THJV8gUGjzBNiRqd93F1nHwJLJOaIEE6B/s640/money_markets.png" width="640" /></a></div><div><span style="font-size: large;"><b><i><br />
</i></b></span></div><div><b><span style="font-size: large;"><br />
</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGzAG8cY5GYM3t8Ge7nylgtv5RMhto5PBsR9F8XU9W77tLywz6TZ_h-BRi75ytO5VwuLjCX2hZqHCP_AAJaqNSmLIsiDFGqTji4cvV5E77x8iOu5nUB4X67EAhZMVb6MjAVfNitifjo35F/s1600/banks.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGzAG8cY5GYM3t8Ge7nylgtv5RMhto5PBsR9F8XU9W77tLywz6TZ_h-BRi75ytO5VwuLjCX2hZqHCP_AAJaqNSmLIsiDFGqTji4cvV5E77x8iOu5nUB4X67EAhZMVb6MjAVfNitifjo35F/s640/banks.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b></div><div><br />
</div><div><b><span style="font-size: large;"><br />
</span></b><br />
<b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;">From a global perspective, here we see another difference from last year.</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;">In Q4 last year, the Asian markets led by Hong Kong, bottomed in early November and then catapulted higher. Leading the rest of the world.</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;">This year, Hong Kong's market just got rejected at the 200 day, despite all of the trade war hopium and <a href="https://www.business-standard.com/article/markets/investors-pour-over-1-bn-into-emerging-market-etfs-for-a-second-week-119111401979_1.html">highest inflows in 10 months:</a></span></b></div><div><b><br />
</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxAQmHRVhGbAf2YZN4_leH7UuI4RAwQgC4VreUCTqiKFTcQJAE-9DHbiz5dzXONw317vvGx_9DFl4jPlPwXILC_lg9iaiH7m0-tIid5Jghpr13Wy6E4fqwIeguquYMI6XHZRROuYN0JlHx/s1600/hong_kong.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxAQmHRVhGbAf2YZN4_leH7UuI4RAwQgC4VreUCTqiKFTcQJAE-9DHbiz5dzXONw317vvGx_9DFl4jPlPwXILC_lg9iaiH7m0-tIid5Jghpr13Wy6E4fqwIeguquYMI6XHZRROuYN0JlHx/s640/hong_kong.png" width="640" /></a></div><div><b><br />
</b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div class="separator" style="clear: both; text-align: center;"></div><div></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;">All of which means that global markets are now dependent upon rioters in Hong Kong:</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhslU_56rrvo2MHfe9_9DaPwoa4CIBpUvi8Eng0Uhtp4NhXoGbGQ8HzUjV2kX4QC2QC0tpuMMA8amqptV1TXRQPdbWldCIAhODBTqprGeCHzHzuLmWvnvbOqnYCpPlWdfcUXOvfvDo0ANq/s1600/world.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhslU_56rrvo2MHfe9_9DaPwoa4CIBpUvi8Eng0Uhtp4NhXoGbGQ8HzUjV2kX4QC2QC0tpuMMA8amqptV1TXRQPdbWldCIAhODBTqprGeCHzHzuLmWvnvbOqnYCpPlWdfcUXOvfvDo0ANq/s640/world.png" width="640" /></a></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;">Just remember, "no one saw it coming"</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div style="padding-bottom: 40px; padding-top: 56.25%; position: relative; width: 100%;"><iframe allowfullscreen="" frameborder="0" scrolling="no" src="https://www.ispot.tv/share/AT75" style="bottom: 0; height: 100%; left: 0; position: absolute; right: 0; top: 0; width: 100%;"></iframe></div><br />
<div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;"><br />
</span></b><br />
<b><span style="font-size: large;"><br />
</span></b></div><div><br />
</div></div></div></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-90283266333108426842019-11-16T19:22:00.002-08:002019-11-16T20:37:05.961-08:00The New Permanently High Plateau. Indeed.<div style="text-align: center;"><div style="text-align: left;"><div style="text-align: center;"><span style="font-size: large;"><b><i>"Stocks have reached a new permanently high plateau"</i></b></span></div><div style="text-align: center;"><span style="font-size: medium;"><b>- Irving Fisher, 1929</b></span></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Under the corporate model, no one is "owed" anything. Least of all the truth...</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>It's called consumer choice. So I am told. </b></span></div><div style="text-align: left;"><span style="font-size: large;"><b><br />
</b></span></div><div style="text-align: left;"><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR0Y5up3H3SmpdhJ21WutGwvgLrNKCH9KzYGtQy1OhWd0jW7LfP41YqWcQ_Ol5SiE6vngBgQd6aZstektmetVgebcKzYn4RtKUFqZ-J6t40uaiRBjvx8JCl_MqnSm244jGDIsdtomROVe2/s1600/Consumer+Choice.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="394" data-original-width="860" height="182" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgR0Y5up3H3SmpdhJ21WutGwvgLrNKCH9KzYGtQy1OhWd0jW7LfP41YqWcQ_Ol5SiE6vngBgQd6aZstektmetVgebcKzYn4RtKUFqZ-J6t40uaiRBjvx8JCl_MqnSm244jGDIsdtomROVe2/s400/Consumer+Choice.png" width="400" /></a></div><div style="text-align: left;"><span style="font-size: large;"><b><br />
</b></span></div></div><div style="text-align: center;"><span style="font-size: large;"><b><br />
</b></span></div><div style="text-align: center;"><span style="font-size: large;"><b><br />
</b></span></div><div style="text-align: center;"><div style="text-align: left;"><b style="font-size: large;">Over the past century, corporations have cultivated a now ubiquitous form of industry-flexible (outer-directed) sociopath, wholly cleaved of morality. This new competitive consumption obedient drone gauges success solely on a relative competitive basis. As society collapses down the moral abyss, they happily follow...</b></div></div><b><span style="font-size: large;"><i><br />
</i></span></b> <b><span style="font-size: large;"><i>"The <u><a href="https://en.wikipedia.org/wiki/The_Lonely_Crowd">Lonely Crowd</a></u> argues that society dominated by the outer-directed, faces <u>profound deficiencies in leadership, individual self-knowledge, and human potential</u>"</i></span></b><br />
<b><span style="font-size: large;"><i><br />
</i></span></b> <b><span style="font-size: large;"><br />
</span></b><br />
<b><span style="font-size: large;">YOU ARE HERE.</span></b><br />
<b><span style="font-size: large;"><i><br />
</i></span></b> <b><span style="font-size: large;"><i><br />
</i></span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEEo2q4sYjjXGtDWEuXaMiV7IIzp5otTfoxDaym01gd_MtSxZSJsQAJBiXWS0CBwr9ATJzHNHG6GnFZD31bgjPbRr_posXwJC8wPR8m-kHQv2rfuRkwOEnu66k2Y973C-fEdjQO5FNitkC/s1600/the_sheeple.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="292" data-original-width="270" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEEo2q4sYjjXGtDWEuXaMiV7IIzp5otTfoxDaym01gd_MtSxZSJsQAJBiXWS0CBwr9ATJzHNHG6GnFZD31bgjPbRr_posXwJC8wPR8m-kHQv2rfuRkwOEnu66k2Y973C-fEdjQO5FNitkC/s400/the_sheeple.PNG" width="369" /></a></div><b><span style="font-size: large;"><i><br />
</i></span></b> <b><span style="font-size: large;"><i><br />
</i></span></b> <span style="font-size: large;"><b><i><br />
</i></b></span><br />
<span style="font-size: large;"><b><i>"</i>[Consumption-oriented]<i> Other-directed people are flexible and <u>willing to accommodate others to gain approval</u>. Because large organizations prefer this type of personality, this type have become indispensable to the institutions that thrived with the growth of industry in America...Today the triumph of this type of social personality is complete"</i></b></span><br />
<br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<span style="font-size: large;"><b>In other words, our sociological advancements as a species to date, are less than nil. The corporate Idiocracy experiment has been a detour to a dead end way of life. Evolution in reverse.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>The burden of proof is on me, which proves my point. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuei32kOvNpuBblg6EmwtaoBg7gXUFtJHrSgjyAtcTvswYn8alNz4yAL780uzJQRia-dW1R1mM1B2gwVrqFtssJnGkU70mRDwhYi74Pk5oo04C_iP1h1PwQNBOK6rbYghi_Z2iAI9ZOT7w/s1600/donny.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="413" data-original-width="650" height="252" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhuei32kOvNpuBblg6EmwtaoBg7gXUFtJHrSgjyAtcTvswYn8alNz4yAL780uzJQRia-dW1R1mM1B2gwVrqFtssJnGkU70mRDwhYi74Pk5oo04C_iP1h1PwQNBOK6rbYghi_Z2iAI9ZOT7w/s400/donny.jpg" width="400" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <b><span style="font-size: large;"></span></b><br />
<span style="font-size: large;"><b>At this present juncture, there have never been more unique ways to self-medicate oneself into oblivion - from alcohol and cigarettes, to vaping, ubiquitous pot, video games, internet porn, Netflix vacations, and of course the real drug dealers: American big pharma: Who have killed more people just in the past few years than all drug dealers combined. Subsidized by insurance programs. For a real waste of life, just watch Faux News and CNN all day to find out what's not happening in the real world. Two thousand television channels of intellectually void content. All dumbed down to the lowest common denominator. To maximize profit. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>All of this was ironically predicted via the <a href="https://en.wikipedia.org/wiki/Ted_Kaczynski">Unabomber manifesto</a>:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><i>"Kaczynski argues that the erosion of human freedom is a natural product of an industrial society because "the system has to regulate human behavior closely in order to function", and that reform of the system is impossible because "changes large enough to make a lasting difference in favor of freedom would not be initiated because it would be realized that they would gravely disrupt the system". </i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <b style="font-size: large;"><i>He argues that most people spend their time engaged in useless pursuits because of technological advances; he calls these "surrogate activities" wherein people strive toward artificial goals"</i></b><br />
<b style="font-size: large;"><i><br />
</i></b> <span style="font-size: large;"><b><i>"Technology has had a destabilizing effect on society, has made life unfulfilling, and has caused widespread psychological suffering"</i></b></span><br />
<br />
<br />
<b style="font-size: large;">When the Unabomber wrote his manifesto, it was easy to dismiss out of hand. The degradation of society was early days. Fast forward however, and his prediction has played out in plain view - leading to a society that has been systematically strip-mined not just of material solvency, but of mental and physical faculty as well. Lost sheeple who have given themselves over to a "system" that thrives upon s</b><b style="font-size: large;">urrogate activities, wherein people strive toward artificial goals, such as dying sooner rather than later.</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;">The "hope" in this equation is the fact that today's artificial intelligence is not as intelligent as it sounds:</b><br />
<b style="font-size: large;"><br />
</b> <span style="font-size: large;"><i><b>"The system has not yet fully achieved "control over human behavior" and "is currently engaged in a desperate struggle to overcome certain problems that threaten its survival"</b></i></span><br />
<span style="font-size: large;"><i><b><br />
</b></i></span> <span style="font-size: large;"><b>The deficiency in the system is that it is based upon carbon fuel. Which contrary to obligatory denialists, is in limited supply on this planet. </b></span><br />
<br />
<div class="separator" style="clear: both; text-align: center;"></div><br />
<br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg45CP1yFOR4PpDg1ZO7kKnhBP7kWMMYLyWs6Zdk4uHji6BxSDyn4U2IfZo8YT0l5xW390IbPqBmddbmJ3nyol3yqvLl7WF4WyDqJxPqkteEc4OfvHx23b7rkc4Ty56gZmwImB0PcvpoNAD/s1600/malthus.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="481" data-original-width="666" height="460" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg45CP1yFOR4PpDg1ZO7kKnhBP7kWMMYLyWs6Zdk4uHji6BxSDyn4U2IfZo8YT0l5xW390IbPqBmddbmJ3nyol3yqvLl7WF4WyDqJxPqkteEc4OfvHx23b7rkc4Ty56gZmwImB0PcvpoNAD/s640/malthus.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<br />
<br />
<br />
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-49578540175899923372019-11-15T12:32:00.002-08:002019-11-16T13:16:54.758-08:00History's Biggest Super Dumbfuck. Or The Ones That Follow?<b><span style="font-size: large;">The last Trump Casino is rigged to explode. </span></b><b><span style="font-size: large;">Too much borrowed money chasing too much bullshit. Why should this one be any different?</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5gabpPGLqah6jQYdX7pq2b1X0Vie0usbstdpoqYvJZXGlEqXyRfPiFt08PI5xA_SkmxeaImHxVJPue2t5POMTktjg1lAaW96cNuuBfQMfphXtZCsfZSbfsgziCc5TL2Y6_ZyvC4hFO6HC/s1600/trump_casinos.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="425" data-original-width="640" height="424" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5gabpPGLqah6jQYdX7pq2b1X0Vie0usbstdpoqYvJZXGlEqXyRfPiFt08PI5xA_SkmxeaImHxVJPue2t5POMTktjg1lAaW96cNuuBfQMfphXtZCsfZSbfsgziCc5TL2Y6_ZyvC4hFO6HC/s640/trump_casinos.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<div><b><span style="font-size: large;"><br />
</span></b></div><b><span style="font-size: large;">History will say that Trump was the sum total of decades of Banana Republican Supply-Side worship at the altar of greed: Nothing. First went the pensions, then the jobs, then the industries, then the healthcare. All of which has been supplanted by the obligatory belief in virtual simulated prosperity, now teetering at the commanding heights of arrogant ignorance.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i>"The worse the reality of the economy becomes, the more we take on the reflexive belief in further and dramatic monetary expansion and the more attractive the stock market looks...</i></b></span><span style="font-size: large;"><b><i>drugged by the virtual simulation of prosperity and its acolyte QE</i></b></span><b style="font-size: large;"><i>"</i></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">An Idiocracy is a society that will believe the exact same lies from the exact same liars, over and over again. Each time expecting a different result:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/15/dow-futures-fed-reserve-financial-stability-report.html"><img border="0" data-original-height="223" data-original-width="924" height="152" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhb2lljsefihGsoT4JdZ7uGC1COfu5QqalBRFMwyAZnLQ0Ee9_Moo80zC0BVPiLXHQVKA-1C7FMHKeD4zKBjrqF_6NXhy2IKTS8blrjF6BncpIVuDiOc_tj98Oy1g-zs82ehE7f1Hb9IWYs/s640/dow_jumps.PNG" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>"More free money!!!"</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/15/gdp-economic-growth-close-to-negative-for-q4-according-to-fed-gauges.html"><img border="0" data-original-height="229" data-original-width="907" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgLajcOh-I95jloptIMeTsGXp_a9_JWbpaOBKPjI2nTqFHR8ZZ_ENjUnAFYZSyph1vIt4aZuKRc8qTW5E06B6OAHTEmruWXlkFT4ICqRg3umV1z8-BT6NPbphIZzEkvirqd3f53m72GC0iX/s640/no_growth.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<br />
<b><span style="font-size: large;">This is now the best case scenario for borrowed "GDP". As I wrote in my book, today's EconoDunces are going to pay a heavy price for conflating debt with GDP. </span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPw4h0NhRgdkFd0oIofaSkm8l0cZ_mSeNN2JjDak_agIVLfQN0c3etWPwUAwFZx6B-G3nPOnxuF5dqZyNN8BS5hACF-6twPGS-B4_m0sZCRBBBe_mkMGFSSt2_P8KHjzU9a3spN7tBAUNc/s1600/real_gdp.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPw4h0NhRgdkFd0oIofaSkm8l0cZ_mSeNN2JjDak_agIVLfQN0c3etWPwUAwFZx6B-G3nPOnxuF5dqZyNN8BS5hACF-6twPGS-B4_m0sZCRBBBe_mkMGFSSt2_P8KHjzU9a3spN7tBAUNc/s640/real_gdp.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
<br />
</span></b> <b><span style="font-size: large;">We learned today that U.S. industrial production is collapsing:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXnymhrJBbeUo9RDgCFYptAkLcGRgfxJbIddgVTAJR9yJKuqWTr9LUS_RIMVzYtiDPtV8nvhVLQlLbRZLQTGQyviGF0_h33v2yOyY8ouiOda0p1lFItyjZyYu2TgJmtnlXdZdyHsFRGIwp/s1600/industrial_production.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="710" data-original-width="752" height="602" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXnymhrJBbeUo9RDgCFYptAkLcGRgfxJbIddgVTAJR9yJKuqWTr9LUS_RIMVzYtiDPtV8nvhVLQlLbRZLQTGQyviGF0_h33v2yOyY8ouiOda0p1lFItyjZyYu2TgJmtnlXdZdyHsFRGIwp/s640/industrial_production.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b>Private job openings are also collapsing, concealed by Trump's mega deficit</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUt2ULvLp3QPsRc1FeXOyp6o7VJcFidxTx0W3Y5ASVuY6MHBIfS7i4wjePxNf1HJKPgMIXbFOxQKQ8fQGxQs6wAVUf_Xdu6PUSodIjMxhEvAWP9_HZg9P2jyAaLn3n_-qw8Q3qPN2WsB_P/s1600/private_jobs.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="637" data-original-width="736" height="552" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUt2ULvLp3QPsRc1FeXOyp6o7VJcFidxTx0W3Y5ASVuY6MHBIfS7i4wjePxNf1HJKPgMIXbFOxQKQ8fQGxQs6wAVUf_Xdu6PUSodIjMxhEvAWP9_HZg9P2jyAaLn3n_-qw8Q3qPN2WsB_P/s640/private_jobs.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJY5bWdd3slqvNKO0ZA-H2YgKl0pCFHi2WUux4sNDteJvFuOBpWI2eojFBFrVU8D3dePKq3CZSJIILehrGLxtxZh_DgKipA-Oml6OSnYQlgUi6bnI-6UJ7l-aBxPj3eFo8eT8rdN9ekvD7/s1600/home_prices.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="700" data-original-width="742" height="602" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJY5bWdd3slqvNKO0ZA-H2YgKl0pCFHi2WUux4sNDteJvFuOBpWI2eojFBFrVU8D3dePKq3CZSJIILehrGLxtxZh_DgKipA-Oml6OSnYQlgUi6bnI-6UJ7l-aBxPj3eFo8eT8rdN9ekvD7/s640/home_prices.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Outside of Technology aka. 5g trade war stocks, there is only one industrial sub-sector making new all time highs. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>The Keynesian bombing of foreigners</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYI6kUM64LlxbSDh0WwTY9A-e-v1ljQos9MT9EZoCfQQjLv_SEINSUnL0W09BaXMz1Mwo-IPjF-ZMzBJJ6XcGxkeUYcPnlgEwVyy_Q3g2LsvY5hJAocK4tIOx6grZ5z-7gqPiSxWu33p94/s1600/lmt.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYI6kUM64LlxbSDh0WwTY9A-e-v1ljQos9MT9EZoCfQQjLv_SEINSUnL0W09BaXMz1Mwo-IPjF-ZMzBJJ6XcGxkeUYcPnlgEwVyy_Q3g2LsvY5hJAocK4tIOx6grZ5z-7gqPiSxWu33p94/s640/lmt.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Cyclicals are on the verge of third wave down</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Autos, homebuilders, banks:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTppe5BqICQ_6NTT7R6Te_P0OXrTv0OUaeuTT1zo7HKTsnKxVeVbieAmZ_f9jDZpv0dkqMquCbR-UdIfsh14lSDDOzztV1NqRl84WbtE8JttdiTe21oQ1D5pdLQZ4DOMEAHhaMAYwnW5WP/s1600/cyclicals.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTppe5BqICQ_6NTT7R6Te_P0OXrTv0OUaeuTT1zo7HKTsnKxVeVbieAmZ_f9jDZpv0dkqMquCbR-UdIfsh14lSDDOzztV1NqRl84WbtE8JttdiTe21oQ1D5pdLQZ4DOMEAHhaMAYwnW5WP/s640/cyclicals.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Transports:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZddE-0rFS449rwGW5qBRnBOfsgKELHXytawc-wkKMjFbq1LDILR66fm-oNfg0aGje_ZKPZ9BRXoL-u2VXV34kNrJU-_HG_YYN52IR0SXphVSQqewpYNmTwuCOVR1ZCMSz6mhVW93j9Cvq/s1600/trucking.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZddE-0rFS449rwGW5qBRnBOfsgKELHXytawc-wkKMjFbq1LDILR66fm-oNfg0aGje_ZKPZ9BRXoL-u2VXV34kNrJU-_HG_YYN52IR0SXphVSQqewpYNmTwuCOVR1ZCMSz6mhVW93j9Cvq/s640/trucking.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><a href="https://www.cassinfo.com/freight-audit-payment/cass-transportation-indexes/cass-freight-index">Cass Freight Index</a></b></span><br />
<span style="font-size: large;"><br />
</span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcUSri0_nyOEvC-0yOjERu_x4WBOt4GaB1f4Z5f19x2ZmRu0OobU7c4usyxfacl36h7rUQKUPWUK7ys3GqzLL8CsfxWfFn21pu8ottakL1fwBU4JzBAuo0sV93ITsEyiBhyphenhyphenxTrLYR-wAq_/s1600/cass_freight_index.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcUSri0_nyOEvC-0yOjERu_x4WBOt4GaB1f4Z5f19x2ZmRu0OobU7c4usyxfacl36h7rUQKUPWUK7ys3GqzLL8CsfxWfFn21pu8ottakL1fwBU4JzBAuo0sV93ITsEyiBhyphenhyphenxTrLYR-wAq_/s640/cass_freight_index.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: left;"><br />
</div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>This is the weakest (breadth) rally of 2019</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoKQOOvWvakikssk6hKyXdsyvqJondaWVr-v9W1kkoDxhgIEspTOcjZ_KAI5FRzw_3LH91L3NZvSY1SrgSxi3qC1jqfFOThPKhAcffS70kI3QzXKQL5NtiMNX5fm1lwO1F-JnY744eetqg/s1600/spxa50r.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhoKQOOvWvakikssk6hKyXdsyvqJondaWVr-v9W1kkoDxhgIEspTOcjZ_KAI5FRzw_3LH91L3NZvSY1SrgSxi3qC1jqfFOThPKhAcffS70kI3QzXKQL5NtiMNX5fm1lwO1F-JnY744eetqg/s640/spxa50r.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: left;"><b><span style="font-size: large;">Remember <a href="https://www.reuters.com/article/emerging-markets-flows/emerging-market-monthly-inflows-jump-to-highest-since-jan-iif-idUSL1N1YA191">last November when Emerging Markets saw their largest inflows</a> since the EM peak in January 2018, based upon fake trade optimism?</span></b></div><div class="separator" style="clear: both; text-align: left;"><b><span style="font-size: large;"><br />
</span></b></div><div class="separator" style="clear: both; text-align: left;"><b><span style="font-size: large;">Well, this week gamblers piled back into Emerging Markets, at the fastest rate in 10 months. And yet, the EM ETF was DOWN this week.</span></b></div><div class="separator" style="clear: both; text-align: left;"><b><span style="font-size: large;"><br />
</span></b></div><div class="separator" style="clear: both; text-align: left;"><b><span style="font-size: large;">It turns out that FOMO inflows are a contrarian indicator:</span></b></div><div class="separator" style="clear: both; text-align: left;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.nasdaq.com/articles/safety-takes-a-back-seat-as-investors-pile-into-em-european-stocks-baml-2019-11-15"><img border="0" data-original-height="338" data-original-width="792" height="272" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIzR4BGmOtPhv2RrhWffe3bX5qztW1ZIN6aCSee_9YzoTk_qlLQC3n5IGJUkzNCSwDH_pQG4XXCdWAbQIVc03jyFR4yOu-upYXUhC6gXf_rR6jZ_pDVo0lMBvyt8ClOSxiDqmIovjIyZXh/s640/safety_back_seat.PNG" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRnadrtPU-fmxjzNOT8HVch1J6aS8pyuvqxnchWg5aYw61cSg29LlCi500OqJP2qhF7lVo_WVWaMvjIIrYgSP8_F0SngvC6cSNWuYdAIbfR2rKkftJvQIQzdXPwK9DU-aOxIg0qJRa3jV3/s1600/EMs.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRnadrtPU-fmxjzNOT8HVch1J6aS8pyuvqxnchWg5aYw61cSg29LlCi500OqJP2qhF7lVo_WVWaMvjIIrYgSP8_F0SngvC6cSNWuYdAIbfR2rKkftJvQIQzdXPwK9DU-aOxIg0qJRa3jV3/s640/EMs.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
<br />
In summary:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><u>One stock accounted for 43% of the Dow's gains since the Dow broke 27.000 back in July. </u></b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.wsj.com/articles/apple-powers-dow-industrials-to-28000-11573855995"><img border="0" data-original-height="114" data-original-width="756" height="96" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipwhsZ9Dq-NiDIZlAlvwh9YepBsZi8VtLnHd5TRWXCJU_cufS2Noi9GzY9au6W0f7w-PweyY-qJ5jyWOs2X9uvSHNELnzYHPkaR7l8CGtfsolf40EOMb12t-MFpV2FbdPmC0bcrKfYtU6q/s640/dow_28000.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>And behind the largest indexed stock in the entire world, was the "invisible hand" of capitalism:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>"Focus on the fundamentals, of simulated prosperity"</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2EFY5WH1cKklSEviLLDHboVLXODgkd2G9ncWM6ViJZIl3BhLlUrN1_qKwb7jU0mn4hqTby6Npa11fDo9ji3uVArkBztB4kIXxLjaias8sTABMGWimZyMw5Rl0xqlFzug_oVkn9u4kxclJ/s1600/aapl.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2EFY5WH1cKklSEviLLDHboVLXODgkd2G9ncWM6ViJZIl3BhLlUrN1_qKwb7jU0mn4hqTby6Npa11fDo9ji3uVArkBztB4kIXxLjaias8sTABMGWimZyMw5Rl0xqlFzug_oVkn9u4kxclJ/s640/aapl.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>"Winning!!!"</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisdvyii74vD1Ei7gMiI77wZKbsBI8MxMIDxqkYauU8C6K-ap8qqaowoDHOyKK7kvlEBKBNKPk776IQXT8X33Rp-595HliYVjUz2VyNvyIHR6iwgse-wbxFUT6hEqNZYjgWZXtXpjp6sS3L/s1600/dumbphone.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisdvyii74vD1Ei7gMiI77wZKbsBI8MxMIDxqkYauU8C6K-ap8qqaowoDHOyKK7kvlEBKBNKPk776IQXT8X33Rp-595HliYVjUz2VyNvyIHR6iwgse-wbxFUT6hEqNZYjgWZXtXpjp6sS3L/s640/dumbphone.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>We are one headline away from overnight explosion.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>And then the Trump vacation from reality will end the exact same way it started.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>Limit down overnight.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLE6ho2W9d8qAYPc-_S30uJSY78-0kSqiPnq2_9vP4FDohoTv5dZK-lVgkqv4k-rNmiCLiOwVH8vyCmH3jrARpFXqQWDzncFkmSvFMLHPlI2Av2QgnPyvNnyEFp2ffZkdSotEVR1VmL0HE/s1600/gdow_lt.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1100" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLE6ho2W9d8qAYPc-_S30uJSY78-0kSqiPnq2_9vP4FDohoTv5dZK-lVgkqv4k-rNmiCLiOwVH8vyCmH3jrARpFXqQWDzncFkmSvFMLHPlI2Av2QgnPyvNnyEFp2ffZkdSotEVR1VmL0HE/s640/gdow_lt.png" width="580" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><br />
</span> <br />
<div style="text-align: center;"><span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span><br />
<span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span> <br />
<span style="font-size: large;"><b><i>"When I say out loud</i></b></span><br />
<span style="font-size: large;"><b><i>I want to get out of this</i></b></span><br />
<span style="font-size: large;"><b><i>I wonder is there anything</i></b></span><br />
<span style="font-size: large;"><b><i>I'm going to miss?"</i></b></span><br />
<span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span> <span style="font-size: large;"><span style="font-weight: 700;"><br />
</span></span></div><span style="font-size: large;"> </span><br />
<div style="text-align: center;"><span style="font-size: large; font-weight: 700;"><br />
</span></div><span style="font-size: large;"></span><br />
<div style="text-align: center;"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/rE1oIhSgTgI" width="560"></iframe><br />
<span style="font-size: medium;"></span><br />
<div style="font-size: large; font-weight: 700; text-align: center;"><span style="font-size: medium;"><br />
</span></div><br />
<div style="text-align: center;"><span style="font-size: large;"><b><br />
</b></span></div><div style="text-align: center;"><span style="font-size: large;"><b><br />
</b></span></div><div style="text-align: center;"><span style="font-size: large;"><b><br />
</b></span></div><span style="font-size: large;"><b><br />
</b></span></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-8027093954779192082019-11-14T10:20:00.001-08:002019-11-14T11:09:13.818-08:00Record High On MAGA Glue Fumes<span style="font-size: large;"><b>At this late juncture, "socialism" is the BEST CASE scenario. There are far worse fates awaiting nations that bound down the road to Perdition behind a hubristic demagogue...</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>What we are witnessing in real-time are a quantity of lies and lying unprecedented in U.S. history. The self-destructing behaviors underlying the entire Trump movement are the exact opposite of what created America's success in the first place. Those being: honesty, hard work, humility, long-term investment, and frugality. All now replaced by the inverse - instant gratification and abdication of responsibility in every direction. S</b></span><b style="font-size: large;">uccess cannot be inherited, however arrogance is easily passed down. MAGA is now running on the glue fumes of American mythology. </b><span style="font-size: large;"><b>Led by Trump, the prodigal son. Who better to take forward false pride cleaved of all actual accomplishment than someone born into that role?</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <b><span style="font-size: large;">This is what happens when a nation, high on its own crack myth, cultivates ignorance; and pseudo-elites exploit the middle class. Democracy gets hijacked by a demagogue:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><a href="https://en.wikipedia.org/wiki/Demagogue">Demagogue:</a></span></b><br />
<span style="font-size: large;"><b><i>"A demagogue is a leader who gains popularity in a democracy by exploiting prejudice and ignorance to arouse the common people against elites, whipping up the passions of the crowd and shutting down reasoned deliberation. Demagogues overturn established norms of political conduct</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i>Demagogues have appeared in democracies since ancient Athens. They exploit a fundamental weakness in democracy: because ultimate power is held by the people, it is possible for the people to give that power to someone who appeals to the lowest common denominator of a large segment of the population. Demagogues usually advocate immediate, forceful action to address a crisis while accusing moderate and thoughtful opponents of weakness or disloyalty. Once elected to high executive office, demagogues typically unravel constitutional limits on executive power and attempt to convert their democracy to dictatorship."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<b style="font-size: large;">Among the immediate gratification of EPIC lies - the borrowed economy, the money printed stock market, the reckless abandonment of 70 years of American global economic leadership, the wholly insolvent and environmentally catastrophic "energy independence". The final decimation of the middle class.</b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;"><u>The intersection of junk food and junk culture is proving to be particularly efficiently lethal. </u></b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;">In a nation having healthcare costs DOUBLE the OECD average and obesity rates DOUBLE the OECD average. It can come as no surprise that the opioid industry is now scaling up to meet the exploding "demand" generated by a profit-driven deathcare "system" that is no longer solvent. </b><br />
<b style="font-size: large;"><br />
</b> <b style="font-size: large;"><u><a href="https://www.oecd.org/unitedstates/Health-at-a-Glance-2017-Key-Findings-UNITED-STATES.pdf">OECD Health Indicators:</a></u></b><br />
<span style="font-size: large;"><b><i>"Risk factors: the United States has the highest prevalence of obesity in the OECD (38% of adults, compared with an OECD average of 19.4%)"</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i>Health spending averages $9,892 per person in the United States, almost two-and-a-half times the average of the 35 OECD countries"</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b>Libertarians call this "consumer choice". Sadly, history won't be kind to that opportunistic view of middle class carbon harvesting. These views now exist merely as a cautionary footnote for how not to run a country into the ground, while worshipping the false god of Ayn Randian pulp fiction. Self-interest conveniently recycled as the *new* morality. About as morally aspirational as two dogs fucking on a lawn. </b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>And compliments of junk culture dumbing down the populace to the level of a fucking brick, we know with certainty, they won't see it coming. Unless South Park has an episode informing the audience they are being sucked dry for corporate profit.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>What remains of erstwhile "exceptionalism" is the dollar reserve currency. Which, due to its reserve status, attracts the largest capital flows and hence remains stronger than the majority of other currencies.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>That is the primary factor now benefiting "stocks", the greatest bullshit market in human history:</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/14/the-markets-10-year-run-became-the-best-bull-market-ever-this-month.html"><img border="0" data-original-height="166" data-original-width="824" height="128" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbQYFZRgnwiFHzr7Dw7DhPEWLC7K_PlYBZgKQPCC0KQ60CK3hJ1c20q5XszF1X5KBAS-wybTgayS8nkk3tttdMBKgQpbfUSruYvgaJhix1yBgoJPnEc_oryeGJy1UavpFCkmPCrJPOxwoW/s640/best_bullshit_ever.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>The glaring and fatal flaw in this "greatest bull market ever", is the fact that <u>none of the economically cyclical sectors have confirmed the 2019 rally highs:</u></b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjVecwWNhArbXQKOciIlf0QuxBwKHKOaTw4yeDSpg5bSPhy9q6yhLK8kHnRKn_goOpsMUdQNfSEnfcVAc6h9A3IOBB5Czp0sweycg1Jo_4SYdAy8RB5QWT0z31jldbficfa1DSvK3nomkg/s1600/banks.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjVecwWNhArbXQKOciIlf0QuxBwKHKOaTw4yeDSpg5bSPhy9q6yhLK8kHnRKn_goOpsMUdQNfSEnfcVAc6h9A3IOBB5Czp0sweycg1Jo_4SYdAy8RB5QWT0z31jldbficfa1DSvK3nomkg/s640/banks.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6zy07nVqRcLkIe_mSkeMrmdNjiYaF6q9MfljLKMU_Yg6n-4CXnr8j8-pl09E0F6w36lvup6G7S__-tY2SVihHONdb_phhXKJuInZY4Nd8bEwWGsEi9NKNRblBF0aEL82fGQTFlINoPZhq/s1600/transports.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6zy07nVqRcLkIe_mSkeMrmdNjiYaF6q9MfljLKMU_Yg6n-4CXnr8j8-pl09E0F6w36lvup6G7S__-tY2SVihHONdb_phhXKJuInZY4Nd8bEwWGsEi9NKNRblBF0aEL82fGQTFlINoPZhq/s640/transports.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioQUICW0OQdsQM52xATWiGr9SLQtoXfPgBkx75UXbolNbrHoZVJErOt04NM9908DbU69zeeBI9Lmag8E9I62kL5mCSXp1r7fmYVgegiv_1-hAVAYByt1mll6NbK3Vy0wprqmDQeEiKlQ2p/s1600/homebuilders.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEioQUICW0OQdsQM52xATWiGr9SLQtoXfPgBkx75UXbolNbrHoZVJErOt04NM9908DbU69zeeBI9Lmag8E9I62kL5mCSXp1r7fmYVgegiv_1-hAVAYByt1mll6NbK3Vy0wprqmDQeEiKlQ2p/s640/homebuilders.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9WxT71BqulGQyYO3hYYbqZm5V5gPomWZRyAxB7Wj9AwdyvZLT59yQKyhous7GkHrHsbWOPgfcikSgRtGOd5b-Rt9a5EQeP0HrEuSL53D75DyaXk_3A9UBCH6fXt0pIHBJhH_jfdeuMu8Z/s1600/autos_parts.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg9WxT71BqulGQyYO3hYYbqZm5V5gPomWZRyAxB7Wj9AwdyvZLT59yQKyhous7GkHrHsbWOPgfcikSgRtGOd5b-Rt9a5EQeP0HrEuSL53D75DyaXk_3A9UBCH6fXt0pIHBJhH_jfdeuMu8Z/s640/autos_parts.png" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span><span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6pll7Y5vnUtGuG5uohKXAacFjQjHW71QF6u_iUKxYwx4JKp6YgrJAIyygFJ0vIiDcDGiAnKlahdU5JLUNU12d0_swzRdT7wBYZ_1oJjylGzsFof8Wa7TkdRF7kHB2vgZLcztby_-wkwLQ/s1600/retail.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh6pll7Y5vnUtGuG5uohKXAacFjQjHW71QF6u_iUKxYwx4JKp6YgrJAIyygFJ0vIiDcDGiAnKlahdU5JLUNU12d0_swzRdT7wBYZ_1oJjylGzsFof8Wa7TkdRF7kHB2vgZLcztby_-wkwLQ/s640/retail.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><i>“The other thing that’s helped the bull is how poorly the rest of the world’s done. It sort of kept everyone here. If they are going to buy anything at all, they’d buy U.S.” Paulsen said."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b>What everyone will now learn the hard way from Globalization, is that the chain is only as strong as its weakest link.</b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvUYu7CKyhxy1VrVMbC2CtwTGKQXoyPn61_5zS2d4cP7A3veifBAic7NK5U8hn44AKHKyob23_oGYrGCIKVx9ouvO8Qybk0ZYWMW2YiFC0n9Kcd5VF4RoopvNoAokyzPoXbWk3O1eakBkX/s1600/world.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvUYu7CKyhxy1VrVMbC2CtwTGKQXoyPn61_5zS2d4cP7A3veifBAic7NK5U8hn44AKHKyob23_oGYrGCIKVx9ouvO8Qybk0ZYWMW2YiFC0n9Kcd5VF4RoopvNoAokyzPoXbWk3O1eakBkX/s640/world.png" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-12393140156264989282019-11-12T14:31:00.005-08:002019-11-13T08:16:48.975-08:00A Fatal Addiction To "Free" Money<div><b><span style="font-size: large;">History will say that the conjoining of monetary and fiscal policy via a <u>monetary financed deficit</u>, generated a massive asset bubble that exploded at all time highs...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/video/2019/11/13/paul-tudor-jones-we-have-an-explosive-combination-of-monetary-and-fiscal-policy-right-now.html"><img border="0" data-original-height="183" data-original-width="798" height="144" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKS-bkhZk28AIhWMP0mBH5fw_9JCsCn-CkNHnZJHR7CcAD7DELE8Aa4BZ2ZzvD_IdSissps9iVT4C-D3PJGkTzG7ZvTgUT4LWBNk21yG1is3ETekOZx6w4xZYQlPSHQls5CtH0gxtMIt1g/s640/tudor_jones.PNG" width="640" /></a></div><br />
<br />
<b><i><span style="font-size: large;">"We have a 5% deficit with the lowest real rates in U.S. history and an economy at full employment. This is an explosive combination"</span></i></b><br />
<b><i><span style="font-size: large;"><br />
</span></i></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-D0fV5qGifdL1xMCm8h9OQnGkEEnn9uxzYgiRdvhddXy43ydlkHQgM2SKPwCasqpCVq5Xv_Wl7JGIcR6mU0-2Y-PQWVONTEVF6fcfbz7_EvDBfnK9xbAj5wYudrTZk4rA7dvbKG3AgsI8/s1600/tsy.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-D0fV5qGifdL1xMCm8h9OQnGkEEnn9uxzYgiRdvhddXy43ydlkHQgM2SKPwCasqpCVq5Xv_Wl7JGIcR6mU0-2Y-PQWVONTEVF6fcfbz7_EvDBfnK9xbAj5wYudrTZk4rA7dvbKG3AgsI8/s640/tsy.png" width="640" /></a></div><b><i><span style="font-size: large;"><br />
</span></i></b></div><div><br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/08/01/similar-adjustments-by-the-federal-reserve-in-the-1990s-led-to-boom-times-for-stocks.html"><img border="0" data-original-height="207" data-original-width="787" height="164" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQnx67nYhxshqMWfrka0O6l93lm1IvMI-q6-uD_RZHk_GpBcPwrAVgSvUuccETclsQ8E9OZxdfbDFWqdEk2O5R9abd-uY7aSCaky3E1XwH8iJ5YnqNwXgqav3QcGSb3eJkh5HWyIzOL843/s640/boom_times.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyRUpDMLMS79jAqfUgQCZTAaVLfDfW07lD37GzvfXwLw0DsrGaRJQHudLVkEU9jNQ1ESjagSYGAkkwAG21gAsChQG0YUc-e2pnqzY1Z8gxOUCfFJpThqSiQDq3GFYxGHZxttujg9IvMLof/s1600/Tech_Y2K.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyRUpDMLMS79jAqfUgQCZTAaVLfDfW07lD37GzvfXwLw0DsrGaRJQHudLVkEU9jNQ1ESjagSYGAkkwAG21gAsChQG0YUc-e2pnqzY1Z8gxOUCfFJpThqSiQDq3GFYxGHZxttujg9IvMLof/s640/Tech_Y2K.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><div class="separator" style="clear: both; text-align: center;"></div><div><b><span style="font-size: large;"><br />
</span></b><br />
<br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/12/trump-rails-on-fed-says-market-and-economy-would-be-doing-even-better-without-powell-mistakes.html"><img border="0" data-original-height="196" data-original-width="768" height="162" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLOja9QuAWEwM-0KBPykjt1S9jW_a7jLIXzrBdTxd4Na3IzLlAcRRQQIkBiA7N36IfmI-R60CwCIvyrlXKQ9V1ILeknZ-yh0tyA-eokTdmq8MrQ5QFMhWFxX0BRjXJoAtzSlaO6rG6gOIB/s640/trump_free_money.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><i><b><br />
</b></i></span></div><div><span style="font-size: large;"><i><b>"Trump used his pulpit before the Economic Club of New York to bash the Fed, a diversion from what many hoped would be a positive speech on trade progress."</b></i></span></div><div><span style="font-size: large;"><i><b><br />
</b></i></span></div><div><span style="font-size: large;"><b>Recall that in a very rare move, Trump passed over Janet Yellen for re-appointment, instead nominating someone more to his liking:</b></span></div><div><span style="font-size: large;"><i><b><br />
</b></i></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4FpbIel-O000xJsQF_bXf_WqsGfbIFnhoaPS8hFAVNQErshCokU-BMhSuYqJm0dHtIHjixgsK_QKzM-sYSGVZhbg996930VxIhKDIfbfBQCQSG1MTrDui8Yjobo4wKXqMBFG9VpXWnzQw/s1600/jerome_powell.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="105" data-original-width="251" height="167" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4FpbIel-O000xJsQF_bXf_WqsGfbIFnhoaPS8hFAVNQErshCokU-BMhSuYqJm0dHtIHjixgsK_QKzM-sYSGVZhbg996930VxIhKDIfbfBQCQSG1MTrDui8Yjobo4wKXqMBFG9VpXWnzQw/s400/jerome_powell.PNG" width="400" /></a></div><div><span style="font-size: large;"><i><b><br />
</b></i></span></div><div><span style="font-size: large;"><i><b><br />
</b></i></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Some say it was because she is a Democrat. Others say it's because she is a woman - and not the type of bimbo he prefers.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>But it turns out, she was just too short: </b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2018/11/28/trump-might-have-renominated-yellen-for-fed-if-she-wasnt-so--short.html"><img border="0" data-original-height="201" data-original-width="854" height="148" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuR81IUjLBJ3KB1g4zkbS1hbtnbJi7rJw68THsVGUv7hxK7IBpIZUAYZTdR2KGcCcCJcngXx_1dNkgCj20g40Eq1dlv6DciRlu5cfb1RrfWhfGZfgQpVG5JIyuXrWmgMcSaWsQ0A5aGXdw/s640/trump_yellen.PNG" width="640" /></a></div><div><span style="font-size: large;"><i><b><br />
</b></i></span></div><div><span style="font-size: large;"><i><b>"A Washington Post report that quoted current and former officials said Trump on multiple occasions discussed giving Yellen another term at the central bank but was concerned over her height. He feared that at 5 feet and 3 inches <u>she just wasn’t tall enough to get the job done</u>"</b></i></span></div><div><span style="font-size: large;"><i><b><br />
</b></i></span></div><div><span style="font-size: large;"><b>Make no mistake, the biggest risk we face is the fact that the current president of the United States is a FULL retard. Not half. FULL.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>His addiction to free money stems from his proclivity for bankruptcy by borrowing as much money as possible in order to pretend to be wealthy. Something he excels at. </b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Many wealthy people have warned repeatedly about the risks of "socialist" MMT (Modern Monetary Theory) - the monetization of deficits. What they warned about was hyperinflation by giving the middle class too much printed money. They never warned what would happen if THEY were given too much free money.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Now, this conjoining of fiscal and monetary policy to inflate ludicrous asset bubbles, is a runaway train. Literally. </b></span><b style="font-size: large;">It's out of control.</b></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>And when, not if, it crashes spectacularly, the "system" will be at certain risk. All because "someone" had a love affair with cheap money, and believed there was no downside to unlimited borrowing.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Sadly, there is no such thing as "free" money.</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>But some people don't learn too good.</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/13/paul-tudor-jones-says-there-is-an-explosive-combination-of-forces-driving-the-market-higher.html"><img border="0" data-original-height="205" data-original-width="837" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTKT9Fnv-89zbWF_S4usAzZrqTUbFHBe1sOrbpppeTXH4npgt-8-hBo0Ew24zLSTAbmD2GAddCkFFHWdUYGZ2MWjFMnL9D6OkcuMdOfutUfDwSfFTo_wmnAEtXOvsDwB-eD9zU4RF-jtOy/s640/markets_higher.PNG" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b><i>"Jones gained notoriety in the late 1980s after calling the 1987 market crash."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span></div><div><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHBB_kGzbrfqnsWU-6JxEUuAQRktbYr1qAsXp9m6nhW2bt-Z7DmkI4FHnMJ3UDwRd079n5IakcAMSCbWjA9YglvOW_qKKvKMKdA_pmZhv3-rl_iKGU-CqbhZ5mEdydWCWIXx0GwTreV-7l/s1600/MMT.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHBB_kGzbrfqnsWU-6JxEUuAQRktbYr1qAsXp9m6nhW2bt-Z7DmkI4FHnMJ3UDwRd079n5IakcAMSCbWjA9YglvOW_qKKvKMKdA_pmZhv3-rl_iKGU-CqbhZ5mEdydWCWIXx0GwTreV-7l/s640/MMT.png" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b><br />
</b></span> <br />
<div style="text-align: center;"><span style="font-size: large;"><b><br />
</b></span></div></div><div><div style="text-align: center;"><span style="font-size: large;"><b><br />
</b></span></div></div><div><div style="text-align: center;"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/4xn9jLy_TB4?start=59" width="560"></iframe><br />
</div></div><div><div style="text-align: center;"><br />
</div></div><div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-40260237716734117392019-11-12T09:06:00.001-08:002019-11-12T10:43:15.413-08:00An Exceptional Crash<div><b><span style="font-size: large;">Gamblers are fully lubricated. Markets are not going to so much crash, as explode, from all time lies. Reflation won't be back until there is someone in the White House who actually gives a damn about the Middle Class, instead of yet another poser, merely pretending...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: medium;"><a href="https://money.cnn.com/data/fear-and-greed/">https://money.cnn.com/data/fear-and-greed/</a></span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEit8ur0jaAr7QL2yEZctlOimZ6nb68LFNK8EbM6ohOLcejXILiavhCRrCO13HPOkxh0bSapabkXvfqfKoa-4-DbpQVxTcmZruiXrOR-eOb9EBFWw0DKU4rtnz7Gzmo4cvn3EKmt8DBcn9TY/s1600/extreme_greed.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="312" data-original-width="435" height="287" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEit8ur0jaAr7QL2yEZctlOimZ6nb68LFNK8EbM6ohOLcejXILiavhCRrCO13HPOkxh0bSapabkXvfqfKoa-4-DbpQVxTcmZruiXrOR-eOb9EBFWw0DKU4rtnz7Gzmo4cvn3EKmt8DBcn9TY/s400/extreme_greed.PNG" width="400" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">"Let's try this again"</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhT3WKf_EXv2lnUXIuTt45TWprNeWuPBEMcRFLDnPXbrN9JzKVno4VL4Z9mCNsjzXD8dU2tgbYRO-cEkmeH33yGnMH7aD9x9t_-BiCm6vMUqgR5dWGHg6_8gUOPrfgqIFf6GJxDQl-a_J6t/s1600/spx.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhT3WKf_EXv2lnUXIuTt45TWprNeWuPBEMcRFLDnPXbrN9JzKVno4VL4Z9mCNsjzXD8dU2tgbYRO-cEkmeH33yGnMH7aD9x9t_-BiCm6vMUqgR5dWGHg6_8gUOPrfgqIFf6GJxDQl-a_J6t/s640/spx.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b></div><div><b><span style="font-size: large;"><br />
</span></b></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">What was fear of recession just weeks ago has morphed into stark terror of missing out. </span></b><b><span style="font-size: large;">Belief that the Fed successfully engineered a "mid-cycle adjustment" is now ubiquitous...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/12/fear-of-missing-out-has-replaced-recession-concerns-bofa-survey-finds.html"><img border="0" data-original-height="199" data-original-width="789" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizAomqhC1FyTHUQskb7tj6ZzcGe_mH55k8Po4uX_kLMQHc3qIwFL3gY-yjQS0xsnWMiHjqr8WENih3dhMPgpY4MXqV1-gdGf-bwhg_P3ovJI5VFavqvtElrdmu5hXk_R0T9FZANg07t6L_/s640/FOMO.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span><br />
<div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><i>"The investment bank’s latest survey of global fund managers found that cash levels posted their l<u>argest decline since President Donald Trump’s 2016 election</u>."</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<span style="font-size: large;"><b><br />
</b></span> <span style="font-size: large;"><b>"I bought the rigged election and doubled down on impeachment"</b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBFaX5uedGGdVoZKRhkXb12U7cveX_oY1o3Pt-vOu75wtImUIZPDIA_6EOmvH9loWJNg5aYPb2pow8R7Mw0Zb4mW9junZSO0ZUG6Xr2-mHux3qbfv7kNqRkf2Ys9rxlIC3qhuxsW0rFUnT/s1600/XVG.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBFaX5uedGGdVoZKRhkXb12U7cveX_oY1o3Pt-vOu75wtImUIZPDIA_6EOmvH9loWJNg5aYPb2pow8R7Mw0Zb4mW9junZSO0ZUG6Xr2-mHux3qbfv7kNqRkf2Ys9rxlIC3qhuxsW0rFUnT/s640/XVG.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><b><i><br />
</i></b></span></div><div><span style="font-size: large;"><b><i><br />
</i></b></span></div><div><span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i><br />
</i></b></span> <span style="font-size: large;"><b><i>"Bank of America Chief Investment Strategist Michael Hartnett also said that manager <u>global growth optimism </u></i><u>surged by the most in 20 years</u><i><u> to 18-month highs</u>, a sign investors expect better manufacturing and profit numbers worldwide."</i></b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>So much for two decade high pessimism</b></span></div><div><span style="font-size: large;"><b><i><br />
</i></b></span></div><div><span style="font-size: large;"><b>"Reflation is back"</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Except it's not. </b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>The last time we saw this headfake was at the top in 2015 (blue circle):</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJDPd6GzRnCOedHlhO8Qehzh7KyrZdXydxJbCLWRHguQfuT3g7A6Nb0ExVqtz3o38txmjpl8V_mWa8OCJGb07bR50Uf4pYfXywH3uu7g5YVTsBkgVB92SZ9uGsldIkq754V51L4fulj1FK/s1600/reflation.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJDPd6GzRnCOedHlhO8Qehzh7KyrZdXydxJbCLWRHguQfuT3g7A6Nb0ExVqtz3o38txmjpl8V_mWa8OCJGb07bR50Uf4pYfXywH3uu7g5YVTsBkgVB92SZ9uGsldIkq754V51L4fulj1FK/s640/reflation.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>Where this gets interesting is that the last time we saw<a href="https://www.marketwatch.com/story/fomo-stock-market-sees-a-week-of-record-inflows-2018-01-26"> this much FOMO </a>was on the left shoulder in January 2018. Which is why for some reason I am predicting this completes the head and shoulders top:</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDnYMD6Po422Y9xxMHpC6ZoHFn7-a4ExtCBa2BHa7M8ZdEAApgnocCQ-EZCmJnhi8aayuz78d5H5diNmfUAb6XBQjXJnPkoFdHqYEUS2GNZA73OiwgQBiHdJxyQ8fjGhrJHoPuKCE2lWai/s1600/spf.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDnYMD6Po422Y9xxMHpC6ZoHFn7-a4ExtCBa2BHa7M8ZdEAApgnocCQ-EZCmJnhi8aayuz78d5H5diNmfUAb6XBQjXJnPkoFdHqYEUS2GNZA73OiwgQBiHdJxyQ8fjGhrJHoPuKCE2lWai/s640/spf.png" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><br />
</div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://finance.yahoo.com/news/trumps-phase-one-trade-deal-with-china-is-a-phantom-144712522.html"><img border="0" data-original-height="132" data-original-width="398" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3kglZykzfDLcoXqw1Rn11AFz3IkNZ3xYoYEz65ozDTQNLFynEvuc4pBY4nIfZJ3SNgpFarsE_WRhbbNOB3w0Qw1yFceGVKU1swc6gNtHY31DPhciU60FR9idBY3W96zdaArY1fgTFbj7E/s640/phantom.PNG" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><i></i></span><br />
<div style="font-weight: bold;"><span style="font-size: large;"><i>"There is, in fact, no trade deal with China. Trump’s negotiators haven’t even agreed among themselves what they want from China, making it a three-way negotiation between China and two factions in the White House.</i></span></div><div style="font-weight: bold;"><span style="font-size: large;"><i><br />
</i></span></div><div><span style="font-size: large;"><i><b>Markets are still optimistic about some kind of de-escalation, because … Trump said so? Stocks have drifted up to new record highs lately, in part because of happy feelings on trade. But it’s worth pointing out that there have now been 13 negotiating rounds between U.S. and Chinese diplomats, and several claims of a breakthrough by Trump. The only thing that has come of it all has been escalating U.S. tariffs matched by intensified retaliation by China."</b></i></span></div><div><span style="font-size: large;"><i><b><br />
</b></i></span></div><div><span style="font-size: large;"><i><b><br />
</b></i></span></div><div class="separator" style="clear: both; text-align: center;"><span style="font-size: large;"><i><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNvrH2hVeEqUoU77PHHuk81kBehgnp8rUPxXc0uoLe6kTRVm2eNtm0BRxA0yZs2Onq9ggJkZJm-tP36f7zQOnErqswWhH79kuQCccwQIESxcv7uydgljZ4yeyQl5heMVSIL_56chu6_Y2r/s1600/industrials.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNvrH2hVeEqUoU77PHHuk81kBehgnp8rUPxXc0uoLe6kTRVm2eNtm0BRxA0yZs2Onq9ggJkZJm-tP36f7zQOnErqswWhH79kuQCccwQIESxcv7uydgljZ4yeyQl5heMVSIL_56chu6_Y2r/s640/industrials.png" width="640" /></a></i></span></div><div class="separator" style="clear: both; text-align: center;"></div><div><span style="font-size: large;"><i><b><br />
</b></i></span></div></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>You know you're an optimist when...</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEOur5e1D2BvJ5VEOTLem70PG0ZEch_CDrzT-aP8YfQUIPnQLNGIEuCWv6am6mqK8gGwcKbokELWFKY0cSiyIdkQpVw5JGi5PYfVX0koJpS5ImP7qqfPCiclc9hHVM_hvL1_T6rfTHthOM/s1600/chinese_stocks.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEOur5e1D2BvJ5VEOTLem70PG0ZEch_CDrzT-aP8YfQUIPnQLNGIEuCWv6am6mqK8gGwcKbokELWFKY0cSiyIdkQpVw5JGi5PYfVX0koJpS5ImP7qqfPCiclc9hHVM_hvL1_T6rfTHthOM/s640/chinese_stocks.png" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b>The fastest growing public companies listed in the U.S.:</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbqJ-WFCBlwRQNURp6y_BhXru6CSbIStdM3kGZo6a1hqB1bYNw4-DzM-PEnGyGyOQOqJN7EzrH28suDVXUqNhoMwOXQ5HZ60nWpk0VzrB8bTVDEaSsNV7t-ZwseRSosdD-6_BX-KYnaD9g/s1600/ibd50.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbqJ-WFCBlwRQNURp6y_BhXru6CSbIStdM3kGZo6a1hqB1bYNw4-DzM-PEnGyGyOQOqJN7EzrH28suDVXUqNhoMwOXQ5HZ60nWpk0VzrB8bTVDEaSsNV7t-ZwseRSosdD-6_BX-KYnaD9g/s640/ibd50.png" width="640" /></a></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><span style="font-size: large;"><b><br />
</b></span><br />
<span style="font-size: large;"><b><i><u>"global growth optimism</u> surged by the most in 20 years to 18-month highs, a sign investors expect better manufacturing and <u>profit numbers worldwide.</u>"</i></b></span><br />
<br />
<span style="font-size: large;"><b> </b></span> <span style="font-size: large;"><b><br />
</b></span><br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWTfN2iapnbwJsBo9XGxX8VaiobLmYQTQWaffwpM6hmDDpy-AcH4LbbG2kWRE1FXYZJmjLH6_1dKRAITiTg6Wr0y8yIoV_8l4Zy_P4sVo7jXz3lScpDS-y9Go8wCzFuIg4dqptu41tyOyq/s1600/gdo.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWTfN2iapnbwJsBo9XGxX8VaiobLmYQTQWaffwpM6hmDDpy-AcH4LbbG2kWRE1FXYZJmjLH6_1dKRAITiTg6Wr0y8yIoV_8l4Zy_P4sVo7jXz3lScpDS-y9Go8wCzFuIg4dqptu41tyOyq/s640/gdo.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span></div><div><div class="separator" style="clear: both; text-align: center;"></div><span style="font-size: large;"><b><br />
</b></span></div><div class="separator" style="clear: both; text-align: center;"></div><div><br />
</div><div class="separator" style="clear: both; text-align: center;"></div><div><span style="font-size: large;"><b><br />
</b></span></div><div><div style="text-align: center;"><br />
</div></div><div><div style="text-align: center;"><span style="font-size: large;"><b><br />
</b></span></div></div><div><div style="text-align: center;"><span style="font-size: large;"><b><br />
</b></span></div><div><div style="text-align: center;"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/M2VBmHOYpV8" width="560"></iframe><br />
</div></div><div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div><div style="text-align: center;"><br />
</div></div></div></div></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-7663165440777138060.post-17966058302212031372019-11-11T16:30:00.002-08:002019-11-11T18:20:23.502-08:00Going For Broke<b><span style="font-size: large;">Seven weeks left in 1929, this is no time for caution...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Note to archaeologists who find this. Yes, pretty much everyone was smoking crack at the end of the everyone bubble. What happens when simulated prosperity goes on too long. It turns into human history's biggest circle jerk...</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.marketwatch.com/story/this-is-the-most-prosperous-economy-the-world-has-ever-seen-says-jamie-dimon-and-its-going-to-continue-2019-11-10?mod=home-page"><img border="0" data-original-height="175" data-original-width="833" height="132" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj4Q1gbuaaJa2AbenYWsB3a3Zsq_Swcg3Iaq9R85d6dAQzIkH_AceIgQ8yForwgq-Nj-Q0JbAld3TIlslxMBb90Ua6HhfN7Oesa1NmsDiV7MGj1wLbDQOecjp8mYrHghzO5ndS4BujbKOTs/s640/best_economy.PNG" width="640" /></a></div><br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhH983sGt_Xmq6SS1CPFeMQY0bq1fMo96jvgkGunkf1q8AVncNKFvTWUa4aI1KPBfN0qM5CGpGVGwCCSO8ss7A90212aIlbOP-UFOlLcYLcuxwRV5bXYk7OGiNDmBh-pF2d-rowxa8PVMRc/s1600/mid_cycle_adjustment.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhH983sGt_Xmq6SS1CPFeMQY0bq1fMo96jvgkGunkf1q8AVncNKFvTWUa4aI1KPBfN0qM5CGpGVGwCCSO8ss7A90212aIlbOP-UFOlLcYLcuxwRV5bXYk7OGiNDmBh-pF2d-rowxa8PVMRc/s640/mid_cycle_adjustment.png" width="640" /></a></div><br />
<br />
<br />
<br />
<b><span style="font-size: large;">Yes, this Jamie Dimon:</span></b><br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLS0vLb1liKuSCQ5xRe5wDJNRSVfWTAWu1kZoO46lHRvkGEznylQGEbXXvt_hpgpNbWClRmoqMb7HJlahXPWIwvainZ2B5JFji9A-B0-hThjO74Yg_ocRhpneePKfKcwJVSYzpPcPPnuq9/s1600/jpmorgan.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLS0vLb1liKuSCQ5xRe5wDJNRSVfWTAWu1kZoO46lHRvkGEznylQGEbXXvt_hpgpNbWClRmoqMb7HJlahXPWIwvainZ2B5JFji9A-B0-hThjO74Yg_ocRhpneePKfKcwJVSYzpPcPPnuq9/s640/jpmorgan.png" width="640" /></a></div><br />
<br />
<br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><a href="https://northmantrader.com/2019/11/11/megadeath/">Northman Trader voiced his concerns</a> today about the absolute collapse in volatility and accompanying suicidal record volatility shorts. He points to the broadening (megaphone) top and makes a case that it is still intact, at least on the broader market. As always, he is a tad too circumspect for my taste. His goal is to be a good two way trader. My goal is to be a one way trader by avoiding historically record fraud and deception. There is absolutely nothing bullish in today's set-up aside from the sheer number of sheeple rushing to get sucked into the all time top in the Ponzi market.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">I too have pointed out the broadening top in the past, but recently I switched my vantage point. Instead of a broadening top, it's looking more and more like a coiled rising wedge (see above), getting set to explode with extreme dislocation:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.cnbc.com/2019/11/11/wall-street-complacent-as-bets-against-volatility-hit-record.html"><img border="0" data-original-height="206" data-original-width="817" height="160" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9yQi_YZLmNqrOt1m_Q5Gtgi_wJKG7hQA67gWokmc414Ug1Eg0VMbILmJBnxMfi4f40Wp1WBsRpxLDCQwKqrE9Ze5Ufbk_nG1JcMw4SlrZIfVzI8el3BstdtyTgs7pkrEf0J928HtdCuGD/s640/complacency.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Josh Brown (video):</span></b><br />
<b><span style="font-size: large;">Dispensing the standard Ponzi advice circa 2019. To paraphrase:</span></b><br />
<b><span style="font-size: large;"><u>"Valuations never matter"</u></span></b><br />
<b><span style="font-size: large;"><u>"The Tech bubble doesn't matter"</u></span></b><br />
<br />
<b><span style="font-size: large;">"The breadth divergence bears have been harping about all year is about to break out to the upside. What will they say then?"</span></b><br />
<br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkxw5HJSHi4z28Yf8S5bVGEd-5TZ53aAlqERm_mX4fHI8iZThixZAPdOxN-k8UUlz484ejl3JdzfGVRcL9lRmbiQVC2CMg97Ccmum2Cet6hIrugs3f1tHSxfTGoQABQgkSqabx-yx0s-Pv/s1600/iwm.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkxw5HJSHi4z28Yf8S5bVGEd-5TZ53aAlqERm_mX4fHI8iZThixZAPdOxN-k8UUlz484ejl3JdzfGVRcL9lRmbiQVC2CMg97Ccmum2Cet6hIrugs3f1tHSxfTGoQABQgkSqabx-yx0s-Pv/s640/iwm.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">The bearish viewpoint, from the same article:</span></b><br />
<span style="font-size: large;"><b><i>“Volatility is best summarized as a powder keg based on the narrowing of dispersion,” said Andrew Thrasher, founder of Thrasher Analytics, in a note. “The short-term risk is elevated for a pullback in equities and a material advance in volatility.”</i></b></span><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Don't try this at home:</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjB0UVwAJ-ZV1X1XIs8mRLj_2gwD6MKxY4rxWRcMndRQYEpZGQsFJr0sWzW2o-EaY_5DxzftGxOxhsleAY7w1jVmN9L6evI1JX-aCFY2pqdJgF0keysXuXJBAHRPlAK-MCaAPzkZAeppub4/s1600/spx.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjB0UVwAJ-ZV1X1XIs8mRLj_2gwD6MKxY4rxWRcMndRQYEpZGQsFJr0sWzW2o-EaY_5DxzftGxOxhsleAY7w1jVmN9L6evI1JX-aCFY2pqdJgF0keysXuXJBAHRPlAK-MCaAPzkZAeppub4/s640/spx.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b><span style="font-size: large;"><b>"Since when have Tech valuations mattered?"</b></span><br />
<span style="font-size: large;"><b><br />
</b></span> <div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkuqZd4VSXcqvuH04n9bFX0-QnRWS71-PO26IJXM-aXZb1P4e2d1IZkSMaXMeo3lHLg7AhU_dWSrhIoBEWD764XK0Ja-VoZTjgKmO9pYvSByMBDLkeUErA6yQm9PeeWL0dWLykCskQU8lk/s1600/spt.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkuqZd4VSXcqvuH04n9bFX0-QnRWS71-PO26IJXM-aXZb1P4e2d1IZkSMaXMeo3lHLg7AhU_dWSrhIoBEWD764XK0Ja-VoZTjgKmO9pYvSByMBDLkeUErA6yQm9PeeWL0dWLykCskQU8lk/s640/spt.png" width="640" /></a></div><span style="font-size: large;"><b><br />
</b></span> <div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4loHWDKtMTWW-4mIEKoG4rsecxOXTgRFIzhU6bemOrg10u7w1bA8PeLy8ec8FwyJNE5iIVwejMfV07NBHlAdCg5xtT5BLr0qyMd7Ycux5HIRei0mB27Fw1GsiaN6-agAzpKlyB-lNHHfg/s1600/yield_curve.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="171" data-original-width="554" height="196" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4loHWDKtMTWW-4mIEKoG4rsecxOXTgRFIzhU6bemOrg10u7w1bA8PeLy8ec8FwyJNE5iIVwejMfV07NBHlAdCg5xtT5BLr0qyMd7Ycux5HIRei0mB27Fw1GsiaN6-agAzpKlyB-lNHHfg/s640/yield_curve.PNG" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
<a href="https://www.forbes.com/sites/johntobey/2019/11/09/inverted-yield-curve-gone-but-now-bonds-look-overpriced-and-risky/#1c49d3a9527a">Forbes: The Coast Is Clear</a></span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBHNAK1J23eDzu8PhKURJNtnkr9VeNiPIV9eXQ9XhxezHo7nmCstJHP_UesVniL1pS9bv4eiOqBYOM_mCgJJmL29Efg0W9PA0DAUJ6403QYNcX693MnyfSRRFBZq8Ex_kGSBMkbQbAtqwT/s1600/yield_curve_chart.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiBHNAK1J23eDzu8PhKURJNtnkr9VeNiPIV9eXQ9XhxezHo7nmCstJHP_UesVniL1pS9bv4eiOqBYOM_mCgJJmL29Efg0W9PA0DAUJ6403QYNcX693MnyfSRRFBZq8Ex_kGSBMkbQbAtqwT/s640/yield_curve_chart.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
<br />
Remember when <a href="https://www.barrons.com/articles/barrons-big-money-poll-why-wall-street-is-scared-of-washington-51572045878">professional investors said they are two decade bearish?</a></span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">Well that was with their own money.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://www.bloomberg.com/news/articles/2019-11-08/get-ready-as-beta-chasing-stock-managers-try-to-make-up-ground"><img border="0" data-original-height="262" data-original-width="1050" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7oyp9w-aA6ZpjvbNZISZx6-65hw2To2rVgcURqOSEKfir7GSi5RFOC_F9EyptuznJTxH6avoURWOvIL2WlTTipc369j-gHXkjQkGOTvEn9dMFIQBgCDUvh2LKOAmhCYbhn6H6KxiWOAzi/s640/beta_chasing.PNG" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNtdVci0-T9jEELQ5eSyccizh92pDVUNaRQU53cLlNAZaAn8Qtu-WuCMsAKzNVEX3OxI614SSOYZdcVt0BGQ98kMjHuo1gH97M5qIr_uz1hLjEchSAKLTV2u1YJB66Ef-wCdgK4ObQOZcu/s1600/active_manager.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNtdVci0-T9jEELQ5eSyccizh92pDVUNaRQU53cLlNAZaAn8Qtu-WuCMsAKzNVEX3OxI614SSOYZdcVt0BGQ98kMjHuo1gH97M5qIr_uz1hLjEchSAKLTV2u1YJB66Ef-wCdgK4ObQOZcu/s640/active_manager.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <span style="font-size: large;"><b><i>"Managers will have to pile into highly volatile names -- including deep value and cyclical stocks"</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-_6212XvJfPZiOeVn5ooWpMxi5xMM6OGyVswWechhLZ8cVErdrJOqvFegViU8x3LcDCEvayrmIoQKCN3mJM-SdQtsqg9EwKy5n-JY0RxOMFkfI9MdHBiaH82sbCDWEnkeInOBQf7nePx8/s1600/CMI.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-_6212XvJfPZiOeVn5ooWpMxi5xMM6OGyVswWechhLZ8cVErdrJOqvFegViU8x3LcDCEvayrmIoQKCN3mJM-SdQtsqg9EwKy5n-JY0RxOMFkfI9MdHBiaH82sbCDWEnkeInOBQf7nePx8/s640/CMI.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><br />
</div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyZmv-4ktdrtBq1-4wrfNQ7LW4G2fMeEaLnIbxphZNYL6fSYCBzfNXkfvlC1a4xJYBP6nZlGN-avcpwbeHSPdYBZaN9z_fQa72uY3XQn_P4t67S93_viVmTWifTr_ehbJMgItVd8cWrU0q/s1600/cmi.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyZmv-4ktdrtBq1-4wrfNQ7LW4G2fMeEaLnIbxphZNYL6fSYCBzfNXkfvlC1a4xJYBP6nZlGN-avcpwbeHSPdYBZaN9z_fQa72uY3XQn_P4t67S93_viVmTWifTr_ehbJMgItVd8cWrU0q/s640/cmi.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b><span style="font-size: large;"><br />
<br />
<br />
<b><i>"Defensive plays, on the other hand, are getting smoked"</i></b></span><br />
<span style="font-size: large;"><b><i><br />
</i></b></span> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhURVdpTFf05RIft_cLc5C-PCJmN1Mui6gpWaqW6NuzEfPJFppVOoBWP7BqmzLc4SB54o1KOGTq0G6q9wj08BHfNVzfZ4LgT2xNSzDeFNcjeoLaXsvAvK_eipPxKz5i9DzbAYr-blffn9re/s1600/CL.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1000" data-original-width="1000" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhURVdpTFf05RIft_cLc5C-PCJmN1Mui6gpWaqW6NuzEfPJFppVOoBWP7BqmzLc4SB54o1KOGTq0G6q9wj08BHfNVzfZ4LgT2xNSzDeFNcjeoLaXsvAvK_eipPxKz5i9DzbAYr-blffn9re/s640/CL.png" width="640" /></a></div><span style="font-size: large;"><b><i><br />
</i></b> <br />
<b><br />
</b></span><br />
<span style="font-size: large;"><b>"Dynamic hedging"</b></span><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1qqrv8zAUQuZE_Vi92VBMo1H25hFx-GBz-NNucE0FxxbmFoDVCmaw50kjov1_xrVRZjXjMQErcGeVoLDwbk-5-GmSinAEV17NOhnhHLCq3lUy1vsVxC-PcvUFyQViu8aSdIZ3PaUIJg7n/s1600/option_skew.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1qqrv8zAUQuZE_Vi92VBMo1H25hFx-GBz-NNucE0FxxbmFoDVCmaw50kjov1_xrVRZjXjMQErcGeVoLDwbk-5-GmSinAEV17NOhnhHLCq3lUy1vsVxC-PcvUFyQViu8aSdIZ3PaUIJg7n/s640/option_skew.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;">In summary, yes this is going to be fucking brutal when the everyone you know circle jerk explodes unexpectedly.</span></b><br />
<b><span style="font-size: large;"><br />
</span></b> <br />
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaqZH_rwAkZtGK1qewHCWgIO4vBkIdcQiyNaSfZrYQTicS-97BypGv9OEFcXk6-8J_Ckcw-rDG5fvcAWZTanS3DkmePGl4ZdX-MOeSGJ0RFeKw80oRLak6Qt1uGOZmxevhNPs1kre8NS7B/s1600/fin_mgrs.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1000" height="576" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaqZH_rwAkZtGK1qewHCWgIO4vBkIdcQiyNaSfZrYQTicS-97BypGv9OEFcXk6-8J_Ckcw-rDG5fvcAWZTanS3DkmePGl4ZdX-MOeSGJ0RFeKw80oRLak6Qt1uGOZmxevhNPs1kre8NS7B/s640/fin_mgrs.png" width="640" /></a></div><b><span style="font-size: large;"><br />
</span></b> <br />
<b><span style="font-size: large;"><br />
</span></b> <b><span style="font-size: large;"><br />
</span></b> <br />
<b><span style="font-size: large;"><br />
</span></b>Unknownnoreply@blogger.com