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@TimKnight We know the Fed's March BTFP program that is fueling bbbbbiiiiiillllliiiiooooooonnnnnnss of $ of loans to banks, hedge funds, family offices is NOT included in that liquidity proxy. BTFP has acted as a mainline conduit of funds to these intuitions to directly put to work in the market. My guess -- years from now it is going to be looked back upon EXTREMELY unfavorably, as these freeloaders will not be the bagholders in a market drop. 7/18/23

Well @Honduki you are probably right, but I think I've finally moved past the willingness to anticipate what's going to happen years from now. I think at this point my main goal is to keep Slope operating smoothly for everyone, and not much else. The bad guys have won. 7/18/23

The bad guys have won...again, and again and again. 7/18/23

Old Howard Stern reference here -- just like NAMBLA members, us bear need to "stay proud, our time will come." But we DO need to be discerning bears. I've had to focus very hard on adding new tools and strategies to my quiver to be successful in this environment. I am realistic about my ambitions for the next downdraft. But I also remain resolute that there is a significant credit event that will server as the crescendo of this portion of the movie. 7/18/23