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In a superb example of bad timing, I have some personal commitments to address during the first hour of the trading day, which of course includes the Powell speech. So God help me! In advance of that, I am punching out this post about an hour before the opening bell, with a few musings about some important ETFs.
The Dow Industrials have (just barely) broken their trendline.
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All central banks are crooked Ponzi schemes, but Japan’s makes that of the United States look relatively virtuous. True Japanese prosperity ended in the late 1980s. Since then, it’s just been a Kabuki theatre of increasingly laughable nonsense, with the central bank thrust into the humiliating farce of being the country’s only customer for its bonds and actively gobbling up equities which are, under a harsh eye, actually worthless.
As such, the Japanese Yen is beginning to resemble toilet paper, as even the pathetic U.S. dollar looks positively Herculean in comparison. I suspect strength will beget strength.
In the first half of March, as we plummeted toward the reality that some of the biggest banks in the country were going to collapse, it would seem to be the picture-perfect kick-off to a huge bear market. Well, nope, nope, and nope. Because instead of providing a reason for a bear market, it instead provided an EXCUSE for the government to trot out more “accommodations” for the banking golf buddies of Yellen and Powell. Thus, even as we observe that quantitative tightening is moving apace………..