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It’s clear that the insipid October 13th-February 2nd counter-trend rally is busted, and worldwide stocks have totally stalled out as bulls the world over pray to whatever false gods they worship that equities soar to new highs for no reason in particular.
Seriously, these “meme stock” thing is so 2020. It needs to go the way of the Pet Rock and the leisure suit. Again and again, naïve suckers have been pulled into this piece of bankrupt garbage, among others.
Good morning, everyone, and welcome to the shortened week. I’m pleased to see every single stock future is red, with pre-opening drops of a bit more than 1%. This is the kind of market I love. I never want a crash. Just drop 1% every day until the end of time, and I’m a happy fella. We’ve already taken out the lows of the prior week.
I trust everyone is recovered from the President’s Day revelry, festoonery, and jocularities. The futures markets aren’t much different than they were on Sunday. Here we see the /ES’s penny-perfect tag of the major Fibonacci and the subsequent slippery slide.
Excerpted from the February 19th edition of Notes From the Rabbit Hole (#745)
The news is full of articles now discussing how food (Staples) producer prices are going to continue rising, how warehouse and distribution channels are pushing “inflation” higher, how charges to use cargo containers and transportation are all pushing “inflation” higher.
The inflationary acts were committed in 2020 and 2021. The inflation was inflicted then and is now history. What is happening now is a plethora of knock-on effects from the inflation. It’s lagging, sticky and in some cases opportunistic and greedy stuff that is not inflation but instead, the predictable after-effects of it.
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