A couple of Thursdays ago, we were all wringing our hands (or at least I was) about the powerful bureaucrat and lifetime government employee Haruhiko Kuroda and what his next move would be. He dropped a big bomb – negative interest rates – and created precisely the kind of market reaction he wanted………….for less than a single day. Since then, his world has once again fallen to pieces, since the cold fact of the matter is that Japan is doomed to be an old age colony, hopelessly mired in debt, with its economic glory of the 1980s an increasingly distant memory.
Even though these moronic central bankers are becoming increasingly impotent (a trait normally assigned merely to those who dared gaze at the hideous visage of Janet Yellen), we’re all still afraid of them and what they might do, simply because the horrid memories of 2009-2014 are too painful to forget. The latest chatter is about the Chinese government, and whatever falsified data they intend to trot out Sunday night. I personally wish they’d all choke on their chopsticks, but the universe seldom heeds the desires of Tim Knight.
I’ve said it before and I’ll say it again: a mildly-attractive, wildly-narcissistic woman isn’t what is needed to save a failing Internet company, no matter how many vanity Vogue photo shoots she does. The analog in everyone’s mind was Steve Jobs:Apple::Marissa Mayers:Yahoo. Let’s see how that’s going:
I confess that I was worried this morning. I had 120 short positions, 0 longs, and the intraday ES looked absolutely bullish. I’ve tinted the pattern below, and it looked like a very painful day ahead. However, as you certainly know by now, the rally-that-was-to-be fell to pieces immediately, and my profits are again soaring.
Given the torture I endured for years with these bullish turds, the amount of sympathy I have for such disappointments is simply too low to be measured, even with the most modern scientific instruments. As far as I’m concerned, the stock indexes should be permitted to do precisely what interest rates are doing these days: go into negative territory.
Kuroda has mortgaged the future of Japan’s children, grandchildren, great grandchildren, and so on, by plunging his country hopelessly into debt to artificially prop up asset prices . Let’s take a look at how DECADES of this idiotic thinking have been working by way of the Japanese ETF: