The consensus last night was universal. Between Biden’s pledge to pour yet another $4 trillion in free money out of thin air onto the oh-so-deserving American public, as well as stellar earnings from the likes of Facebook and Apple, the market was on course to set new lifetime highs in perpetuity. One couldn’t get away from the optimism.
Maybe. All I know is that the tidal wave of good news laid on their shareholders managed to keep the excitement going for basically no time at all. If doubling their profits produces this kind of belly-flop, how does anyone expect AAPL to go up any more from here?
Thus, the NASDAQ has gone limp faster than a {insert witty double entendre here}:
The small caps have likewise lost all their Biden/Earnings exuberance. To be clear, as I am typing this, everything is still green, but the point is that the verve disappeared within half an hour of the open.
And, naturally, gold is sucking. Because that’s what gold does.
