Loading ...The Titanic
We can sympathize with the disbelief of the officers, and with their contradictory duty to simultaneously reassure passengers and attempt to goad them into the lifeboats. Passengers were reluctant to heed the warning because it was at odds with their own perceptions. With the interior still warm and bright with lights, it seemed far more dangerous to clamber into an open lifeboat and drift off into the icy Atlantic than it did to stay onboard.
The evidence was undeniable, but humanity’s first response is denial, regardless of the evidence. The evidence that the coronavirus is contagious is undeniable, as is the evidence that carriers who have no symptoms can transmit the virus to others.
As a result, the first lifeboats left the doomed ship only partially full. Only when it became undeniable that the ship was doomed did people attempt to get on a lifeboat, but by then it was too late: the lifeboats had all been launched.
This may be an appropriate analogy to the U.S. stock market, which is widely considered “unsinkable” due to the Federal Reserve’s unlimited ability to create “liquidity” (cash) out of thin air.
The stock market just had a minor collision with the coronavirus, and few are heeding the warnings, preferring to heed the reassurances that thanks to the omnipotent Federal Reserve, the market is unsinkable, and the party in the First Class deck will continue indefinitely.
https://www.zerohedge.com/markets/coronavirus-and-unsinkable-titanic-analogy
Buygold @ 7:23
Some real funnies there! 🙂
Interesting chart
Gold miners – patience will pay off in my opinion #Gold #Silver #preciousmetals #GDX #GDXJ #HUI #business #finance #investments #stocks #stockstowatch #stockstotrade #StockMarket pic.twitter.com/MbJJGSnXk4
— Northstar (@NorthstarCharts) January 28, 2020
Buygold @ 7:53
Lots of shorts / hedges going on due to the contagion so they could drop a nuke right now and the machines would still rally the Dow.
Have a nice day.
Lost in the shuffle a Fed meeting today? No wonder
“The dollar’s next moves could be determined by the U.S. Federal Reserve’s meeting later on Wednesday where the central bank should reiterate its on-hold stance. But speculation has risen that the Fed could provide an additional boost as a result of the virus outbreak, with money markets predicting one 25 basis-point rate cut this year and a small chance of a second.”
US Event Calendar
- 7am: MBA Mortgage Applications, prior -1.2%
- 8:30am: Advance Goods Trade Balance, est. $65.0b deficit, prior $63.2b deficit
- 8:30am: Wholesale Inventories MoM, est. 0.05%, prior -0.1%; Retail Inventories MoM, est. 0.1%, prior -0.7%, revised -0.8%
- 10am: Pending Home Sales MoM, est. 0.5%, prior 1.2%; Pending Home Sales NSA YoY, est. 10.3%, prior 5.6%
- 2pm: FOMC Rate Decision
DOW just jumped another 70 pts.
Not sure what that was about, maybe one of the components had some great earnings.
Looks like Monday’s action will be erased by the end of the day and long forgotten by Friday as a one day wonder.
A little sports humor after a dismal day. Sometimes ya just gotta laugh..
Infamous Sports Quotes – Old Ones From the ‘Net
1. Don Meredith, Dallas Cowboy Quarterback, once said: “Coach Tom Landry is such a perfectionist that if he was married to Raquel Welch, he would expect her to cook.”
2. Harry Neale, professional hockey coach: “Last year we couldn’t win at home and we were losing on the road. My failure as a coach was that I couldn’t think of anyplace else to play.”
3. Reggie Jackson commenting on Tom Seaver: “Blind people come to the ballpark just to listen to him pitch.”
4. Doug Sanders, professional golfer: “I’m working as hard as I can to get my life and my cash to run out at the same time. If I can just die after lunch on Tuesday, everything will be perfect.”
5. Mickey Lolich, Detroit Tigers pitcher: “All the fat guys watch me and say to their wives, ‘See, there is a fat guy doing great. Bring me another beer.’”
6. Tommy Lasorda, Los Angeles Dodgers manager: “I found out that it’s not good to talk about my troubles. Eighty percent of the people who hear them don’t care and the other twenty percent are glad I’m having them.”
7. E.J. Holub, Kansas City Chiefs linebacker regarding his twelve knee operations: “My knees look like they lost a knife fight with a midget.”
8. Vic Braden, tennis instructor: “My theory is that if you buy an ice cream cone and make it hit your mouth, you can learn to play tennis. If you stick it on your forehead, your chances aren’t as good.”
9. Walt Garrison, Dallas Cowboys fullback when asked if Tom Landry ever smiles: “I don’t know. I only played there for nine years.”
10. John Breen, Houston Oilers: “We were tipping off our plays. Whenever we broke from the huddle, three backs were laughing and one was pale as a ghost.”
11. Bum Phillips, New Orleans Saints, after viewing a lopsided loss to the Atlanta Falcons: “The film looks suspiciously like the game itself.”
12. Al Hrabosky, major league relief pitcher: “When I’m on the road, my greatest ambition is to get a standing boo.”
13. Paul Horning, Green Bay Packers running back on why his marriage ceremony was before noon: “Because if it didn’t work out, I didn’t want to blow the whole day.”
14. Lou Holtz, Arkansas football coach: “I have a lifetime contract. That means I can’t be fired during the third quarter if we’re ahead and moving the ball.”
15. Knute Rockne, when asked why Notre Dame had lost a game: “I won’t know until my barber tells me on Monday.”
16. Bill Walton, Portland Trail Blazers: “I learned a long time ago that ‘minor surgery’ is when they do the operation on someone else, not you.”
17. George MacIntyre, Vanderbilt football coach surveying the team roster that included 26 freshmen and 25 sophomores: “Our biggest concern this season will be diaper rash.”
18. Rick Venturi, Northwestern football coach: “The only difference between me and General Custer is that I have to watch the films on Sunday.”
Maddog–I agree…”investors” blindly plow ahead pouring money into a handful of mega-caps…the “invincibles”….like the Nifty-Fifty
The world financial system is in grave danger…todays set-up reminds me of last Fridays set-up…I wish the VXX calls weren’t so high but I may just have to pay up and fade an up opening today or just buy 10K VXX out right…
R640
The scum have got the mkts saying, it was just a weekend knee jerk …..which considering that the virus has a 2 week period before symptoms are visible and that millions have left the area to go all over the world…is just insane.
Jeesh! Corona virus…Yeller Vests…now locusts!! Repent O Ye sinners! O, wait…The NY Feds’ trading desk will come to save the day and has the situation well in hand
The end is nigh, brother, the end is nigh!
World markets are like a pie crust stretched across the roof of a volcano!
Fu Manchu is about to pull the lever to the trap door!
Warbucks signals the trusty Punjab to cut the cords of the rope bridge!
Grease the skids! Happy tobogganing!
A Plague Of “Billions” Of Locusts Threatens To Create Horrific End-Times Famine Across Africa
Looks like the protests in Virginia worked well, 9 new gun controls laws coming.
French Firefighters Set Selves Ablaze, Spar With Riot Cops As Yellow Vest Chaos Resumes
Obese Americans who can barely get their asses of the sofa should learn from the french instead they just sit by watching the circus in Washington and their country fall apart. WINNING! Looks like the protests in Virginia worked well, 9 new gun controls laws coming.