It seems that Powell is enjoying a “heads, I win, tails, you lose” market.
One would think that a very strong jobs report, with upward revisions to past data, would splash all kinds of cold water on Powell’s plans.
Hot Jobs
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
China Goes Ape
Want to read a word salad? This is from the Communist dictatorship of China regarding their “economy“. You might want to have an air sickness bag nearby. Here we go:
“It is necessary to help enterprises tide over difficulties. It is necessary to look at the current economic situation comprehensively, objectively and calmly. Face up to difficulties, strengthen confidence, and effectively enhance the sense of responsibility and urgency to do a good job in economic work.”
You get all that? Feeling OK? I’ll understand if you need to lie down for a while. Anyway, the preceding nonsense was their sweaty-handed explanation about why they’re firehosing TRILLIONS of Yuan into their so-called economy, since their real estate market is collapsing, their equity market peaked years ago, and the only thing they care about besides money – – brutal power over the masses – – is being threatened. Thus, they got out the thesaurus, found all the words they could related to confidence, and let fly with their verbal money shot.
(more…)Mega-Rally
I’ve spent a lifetime working with words, and the two that leap to mind right now would be “surprising” and, without a doubt, “discouraging.”
Yesterday evening, I had breathed a sigh of relief that not alone was the FOMC behind us, but that the rally that ensued had totally sputtered out. The rally got its second breath, however – – and a third, fourth, and fifth breath – – and blasted markets, thanks to the follow-through from overseas markets.
Hercules Kilowatt
I’ve never been so wrong about a pattern as I was about the Dow Utilities earlier this year. This diamond was straight out of Technical Analysis 101. It was beautiful.
Addicted to Getting High
As we all await Powell tomorrow, and the market just keeps grinding its way higher, the retail report came out. For the second month in a row, it was a big miss, aligning with my judgment that we are in a recession and are heading much deeper into it. Weirdly, this bad economic news is just what the bulls wanted to see, since it feeds into the interest-rate-drops-are-good narrative.
