$20 trillion in debt. Geopolitical chaos. An absolutely nut-job new administration forthcoming. Sky-high P/Es. And yet………..
Well, today was a drag for the bears (if there are any besides me left in the world), although after 7.5 years of this crap, it should be old hat by now. Even though the Fed changed nothing – – – let me repeat, NOTHING – – the market rallied as if some awesome good news had been dropped into its lap. The NASDAQ went up to its highest level in the history of humanity:
Well, I guess we needn’t fret about my “dream a little dream” charts. The jobs report came out, and the market is higher. See, because if jobs were strong, that would mean the economy was strong, thus higher equities. But since jobs came in really weak, that means – – ummm – – well, I’m not sure what it means, but it also means higher equities. The logic is inescapable.
In any event, the daly ES is still fairly inscrutable, since we’ve been “drifting” for months now:
Perhaps some of you might think this post’s title represents equity symbols, much in the same way our friend Ryan Mallory offers. Nope. They are the initials spelling out the completely pissed-off obscenities that are bouncing around in my head.
Today is just like yesterday in three respects. ONE, equities dropped hard, pushing up my profit tremendously. TWO, Yellen & Company rushed in to prop up the market yet again, bidding up prices, smashing my profits down. And THREE, oil is completely saving my ass (and my profits). But because of #2 (a digit that often leaps to mind when thinking of Janet Yellen), my profit is a shadow of its former self. Again, just like yesterday.
I’m ready to choke somebody to death.
OK, I’ll say it: this market is officially pissing me off. I know, I know. “Trade what you see before you.” I won’t comment on that advice. I’ll simply point out the following very simple facts:
The Internet bubble that peaked in early 2000 was clean and simple. The break happened, it retraced, and it fell for years afterward:
Allow me to start off by sharing a comment posted on ZeroHedge this afternoon which must be the greatest comment ever made over there. It’s a lot of text, I know, but it’s spot-on.