Never Lower

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Once again, with an overabundance of crude oil and absolutely no place left to store it, crude oil is getting massacred, and the oil fund USO has never been at a lower price.

How I wish that the equity market were permitted, as oil has been, to reflect market reality. I‘m not sure if anyone is insane enough to think that stock prices are actually indicative of our economic future – – as opposed to simply being mercilessly pushed higher by the Fed – – but the completion of the cup-with-saucer pattern on the IWM sends chills through my battered bearish bones.

I’m nearly speechless at this point. The Fed has proved, once again, that it is able to grab a gigantic pillow, push it on top of the free market’s face, and smother it to death. Our free enterprise system is on its death bed, like Jack Nicholson in the final scene of Cuckoo’s Nest.

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