Same old same old: the market shows some after-hours weakness and vulnerability, and by the time a new day rolls around, it has healed itself right up, ready for worry-free multiple expansion. (The latest excuse, which I’m seeing everywhere, is along the lines of “Apple and Tesla have been getting killed; just wait until they stop getting killed!”)
Thus, the US dollar continues to collapse toward the value of toilet paper, as purchasing power is destroyed.
Meaning that bonds are strengthening.
And gold is racking up yet another shiny day.
These fake-outs are irksome (or delightful, depending on your point of view). Below is the /NQ, for instance, which slipped into a triple digit loss last night but, lo and behold, managed a multi-hundred point turnaround without even breaking a sweat.
As a side note, I did finish up Fourth Turning is Here last night, and I hope to write a post about it today.
