The overnight chart on the NQ says it all:
All eyes are on the fabled Powell Speech this morning. No one knows what he is going to say, but I can tell you the topics that will not be discussed:
- How the economy is genuinely strengthening, backed by plausible data;
- New innovations from corporate America that improve life and save labor;
- Increasing profits thanks to improved productivity;
- Breakthrough management ideas that improve overall prosperity;
- The elimination of corporate stock buybacks as a method of falsely manipulating prices.
Nope. None of that quaint old stuff. It’s far more likely that he’s going to present about one thing, although he’ll give it some kind of different name. But the topic is going to be:
- How the Fed can manipulate the market to keep this laughable shit-show propped up so that Powell isn’t discovered for the total and complete charlatan that he truly is.
I mean, yeah, that won’t actually be the title of the speech. But I assure you, it’ll be the content.
The market wants to drop. Let’s see if Powell can pervert the organic market yet again so that it dares not do so.