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This week has been jam-packed with economic reports (while next week will instead be dominated by Pencil Dick ‘n’ Friends), and the last report to tumble out will be on Friday morning by way of the Consumer Sentiment report, released half an hour after the opening bell.
I’m shocked at how far, and steadily, this is falling. Consumers are pretty much hating life these days.
Not many stories had as much breathless reporting lately as the Ethereum Merge. It’s all the crypto world was talking about. Understandable, I suppose, since crypto has been such an utter train wreck this year, the HODL zealots were looking for some reason to explain how Things Were About To Get Better.
There are about 10,000 bulls for every true bear, and they mounted yet another attack this morning, trying to push this laughably overvalued market higher. It worked for a while, as green started to sprinkle across the screens of CNBC addicts the world over, then it did a hard about-face, as such unwanted things as Reality and Sense began to intrude onto their fantasy world. You can see we even took out recent lows on the /ES.
