I woke up this morning, last night’s post on my mind, and thought to myself, “C’mon, Tim, there’s got to be SOMETHING interesting going on in the market you can write about.”
So I wandered through my pitch-black first floor, iPad in hand, sat down, fired it up, and headed over to ZH, since they were bound to have something provocative. And yet the most exciting contribution was along these lines:
So……some “trader” is “stunned” at………a failed communications strategy. And a guy from Bloomberg is “amazed” at how a debate continues to “rage” about Janet Yellen’s mindset.
That’s about as exciting as discussing her shoe size. There’s no debate raging. No one is stunned. People are bored out of their skulls, yet vaguely pleased that the market floats a little higher every day, like so much steam from a tea kettle.
Look, I see no point in trying to pretend there’s anything dynamic or exciting going on when there isn’t. ZH has made a nice business out of being the go-to forum for bad news, but almost all the bad news is just “news” that been spun bad. Take, for instance, the Oroville dam, here in California. They’ve been yammering on about that like the 700 foot dam was about to burst, drowning millions, when in fact there’s just some water coming over a damaged spillway. (And only 18 months ago, ZH was doing stories about the exact same dam, except back then declaring how its dryness showed California was entering a century-long drought).
And how much digital ink have they spilled over that nuclear reactor in Japan? You’d think the entire planet was glowing green by now, to read about it in Tyler-land.
The fact is that markets look like this:
(The above is crude oil, in case you didn’t recognize it).
Dull. Predictable. Controlled. Boring.
Believe me, I’ll let you know when I see anything otherwise. Until the, party on, Wayne.