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If you believe in cycles – – and I tend to – – please take note of this chart based on data straight from our friends at the Federal Reserve: it illustrates the capital goods manufacturing in the U.S. economy. To my eyes, this looks like a very regular, reliable cycle, and I’d say it looks rather on the toppy side. Not that fundamentals MATTER anymore, but still………….
Last week, I noted that Rivian would having a terrific day, and that as well-formed as the bullish base was, “I don’t think it’s got much more to go, however. Maybe 21 or thereabouts.” So, yeah, occasionally I know how to work a chart:
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Hello, Slopers!
First I would like to thank you for your kind words, I was very happy to see you appreciate the previous content. Hopefully that will end up having a positive impact for some if not all of the community.
Now, after having seen that the FED is (most probably) at its most restrictive stance in decades (pressure index), not only on the interest rate front but also doing QT at a $90B per month pace making the case for the highest probability of a recession in a long time, three main questions are left:
(more…)Greetings from the sylvan beauty of North Lake Tahoe, where I nurse my psychic wounds and spirits. My desire for global thermonuclear war, in which, oddly, only Janet Yellen and Jerome Powell are vaporized, is stronger than ever. It is heartening to see a TINY bit of red on the screen, with the /RTY (thank GOD) particularly weak.
One victory acting as a salve for me right now is the miners. I bought September puts on Friday since, in spite of my self-confidence being precisely ZERO, was simply too perfect a setup to ignore. It’s nice to know that the horrible ancient vermin known as Janet Yellen, whose death I shall celebrate for a solid week when it arrives, didn’t muck THIS one up.
