Inexorably Lower

European markets are diving lower, led by the DAX off by 2.4%. U.S. futures are indicating a tepid opening of -0.8% on the NASDAQ and gold and treasuries are up more than 1%.

There are a thousand and one reasons as to why stocks are lower. But know this: the market is like a glass kettle of rolling, boiling water. At any moment, the pressure from within can crack the kettle and release the contents onto your floor. Markets are, eventually, going to trade much lower. You will know so with the benefit of hindsight. But I am telling you now, as a courtesy for the many moons you’ve shared with me here.

My best advice to you is to turn off the kettle and go back to sleep.