OK, the Fed day is over (we get eight of them a year), and Jerome managed to play the entire market like a master violinist. In our new USSR economy, the Fed is presumed to have clairvoyance beyond all others, and can confidently predict what’s going to this year, and next year, and even the year after that. That’s right: the Fed can tell you what the world is going to look like in 2023. Their Gartman-level track record gives them this right.
Thus, after a deep red morning, we saw this in the NQ………
……..and the ES……….
………and the RTY:
Bonds continue to vomit all over their lapels:
And Bitcoin just gobbled the whole thing up, because if we’re all going to pretend that this fake economy is real, we might as well all rally behind the king of fake assets.
This goes a long to explaining why my Virtual Account has withered from $2 million to $1.3 million in such a short amount of time.