What have I been saying all along? Give recession a chance.
Markets are scalping longs by the dozen here. I hope some of my former clients, who are now reading this post, have been heeding my dire warnings and have cash reserves.
My next trade will be my best. According to the laws dictated by Exodus, we aren’t done going lower yet. Incidentally, VXX flagged oversold yesterday and sports a great track record.
I will buy SPY when it’s time for a little mean reversion.
Meanwhile, back on the ark, the food is good and the drink is even better. I believe we’re eating some saber tooth tiger tonight, with a little red wine, dating back 30,000 years. I hope the cork held out all of these years.
In all seriousness, don’t believe the government data. We’ve become liars and thieves, just like the Chinese. Listen to the conference calls of some of the retailers who reported this week. Escape your little bullshit enclave and go see the real world, where real people live. The economy is oppressive for the middle and upper middle class.
We’re playing out the Karl Marx dream.
It’s raining outside and I don’t expect the storm to break until the dams do.
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triple top. 3 lower highs over months
if SPX can’t get over 2100 it’s going to …. 0
I can’t believe the numbers the Commerce Dept tried to sell this morning. You have got to be joking. I also can’t believe that we are allowed to know that Obama met with Yellen a month back. Their discussion was obviously the following:
“Hi Yellen, here the 10,000 Werthers Originals you requested.”
“………..thanks.”
“Now the truth of the matter is that I don’t have much of a legacy.”
“Yah…”
“So I was thinking that my legacy could be the best stock market run in history.”
“……..I’ll need some more Originals.”
Dr. Fly – my friends at the Antiqued Road Show would like to know if the label on your bottle of 30,000 year old wine reads “Manischewitz”..?
Solid.
In all seriousness, don’t believe the government data.
That’s just dumb. You are traveling the Alex Jones highway.
(Preliminary) May 2016 Index of Consumer Sentiment highest since June 2015
Consumer sentiment rebounded in early May due to more frequent income gains, an improved jobs outlook, and the expectation of lower inflation and interest rates. The largest gains were recorded among lower income and younger households, although the gains were recorded among all income and age subgroups as well as across all regions. Nearly all of the gains were in the Expectations Index, which rose to its highest level in nearly a year. To be sure, the data still indicated the negative impact of uncertainty about future economic policies associated with the Presidential election, but its overall impact was overwhelmed by favorable economic developments. It is too early to judge the potential impact of the election on consumers’ expectations, and one month’s rebound in consumer confidence is insufficient to increase the current forecast for inflation-adjusted consumer expenditures from 2.5% during 2016.
The Right Wing echo chamber “news sources” have been bashing government– especially when Dems are in office– since the 1990’s and Newt Gingrich. Even this Right Wing American Enterprise Institute political scientist admits that. He says that this practice paved the road for a total outsider candidate like Trump who bashes government. He predicted long ago that Trump would get the nomination.
http://www.vox.com/2016/5/6/11598838/donald-trump-predictions-norm-ornstein
It’s just all part of bashing a Democrat in the presidency, to claim that one can’t believe any government data. But when a GOP pres was in office, then the same “news sources” sucked up big time, even cheering constantly for a war based on his lies about weapons of mass destruction. Dems– Right Wing “news sources” accuse them of lying, even when there is no evidence that they are. Republicans– Right Wing “news sources” cheer them on, even when they are obviously lying.
GOP is very tribal. “My tribe good no matter what it does. Your tribe bad no matter what it does. Even if they both do the same thing, here is my list of reasons why it was good when my tribe did it but bad when your tribe did it.”
It’s dumb even when it isn’t for partisan reasons, so your stump speech was unnecessary.