I’d like to begin by thanking Platinum member Sandunes for pulling off the best application for artificial intelligence I’ve seen yet, which is to give Slope its own theme song. Thank you! It’s jazzy.
This morning, the bulls are, as with yesterday, trying to mount a counter-offensive. This base is pretty decent, but my spidey sense is that the result will be the same as yesterday.
Indeed, the waterfall-ish nature of the market seems to be asserting itself. Word on the street is that things won’t settle down until just under 5,000 on the S&P.
I think bears can be a little more ambitious than that, although even for 2024 as a whole, I’m not sure we’ll be able to make much progress past this price gap. Yellen will roll out some America Sure Is a Great Nation plan or some such nonsense, plunging us another $10 trillion into debt so she can squeeze a few more months out of this comical, nation-destroying bull “market” she has engineered.
Even though fiat is toilet paper, the US Dollar is at least a comfortable 2-ply versus the 1-ply roughage of the Japanese Yen. We can see the USD/JPY just keeps powering higher. I guess the weary old trivia tidbit about the Imperial Palace being worth more than the entire state of California is just quaint at this point, isn’t it? Japan is decades past its heydey.
As far as the bulls go – – some of whom are poking their heads up in the comments section to declare the bottom is already in – – all I can say is that the bond market isn’t buying it. The US is no longer credit-worthy, interest rates are rising, and once the artifice of Biden’s manipulations ceases early in November, the wheels are going to come off faster than something that comes off really fast.
