Loading ...As the NAZ breaks thru the double top today… thursday and again….then on friday on the open…Fiday mornings opening surge will be devoid of the NAZ shorting club members…THEN it will roll over, creating a false breakout failure…and friday ends down 2000 DOW points….[giggle…or so the fantasy goes]…
But hey! Let’s sit and look at paper profits on a Bloomberg screen as a delicious meal is about to be delivered by a gig worker risking Covid-19 and street robbery and who earns less than the minimum wage! Everything everywhere is being resolved Hollywood style, right?
Meanwhile, back in the home of the real Hollywood, nationwide street protests show few signs of abating – and markets keep going up and risk remains on. There are two equally-depressing conclusions here: 1) We no longer have actual markets due to central-bank elevation of moral hazard to the foundational pillar of financial capitalism; 2) We still have markets, but they find the idea of the US military operating on the streets to quell popular unrest to be reassuring – just as it would be in a banana republic where the asset holders are traditionally happy to do ‘whatever it takes’ to keep the peasants in line (incidentally, this may not be too far off; see “It’s Official: The United States Is Now A Banana Republic“.
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Like the one ominous black spot on X-ray of an otherwise perfectly healthy looking pancreas, Apple—the U.S. stock market bellweather— [all the other FANG stocks are down]—is up just 38 cents—this is the only blemish I can find in todays market profile…