Here’s an example of a screw-up based on simply Too Much Going On.
This morning was rather chaotic. After five days on the road, and a lot of strenuous (for me) physical labor, I flew five hours back to my beloved Palo Alto. I got a late start (5:30 a.m.) and there were a bunch of technical issues I had to deal with on my systems. In the midst of it all, the market opened, and AMD exploded higher.
Interesting choice of the photo for Biden: I think it was one of his vacuous debate visages. Of course, being a Fire Chief in Palo Alto beats most of these, to say nothing of the City Manager.
This morning, on the heels of a totally false and misleading CPI report which is supposed to make us think prices are falling (!!!!!!!!!!) and the market was exploding to LIFETIME HIGHS, I had the presence of mind still to write, “Slashing rates, more often than not, means the Fed is desperate to stimulate the economy, and the reason they do this isn’t because things are peachy……..it’s because things are about to get tough.”
The green rectangles show the explosive move, which is dwarfed by the collapse that ensued. Why? Because one sweet man in Palo Alto with fabulous hair isn’t the only one who realizes how screwed equities are. I believe the Dow is going to lose TENS OF THOUSANDS OF POINTS before this is all over. I can only hope that the bulls mortgaged themselves to the hilt buying early on today. It couldn’t happen to a nicer group of guys.
Greetings from my United flight (hey, I’ve got puts – – that feels odd) as I head back home to my beloved Palo Alto. We prepare for our one-day-trading week on Friday, and for obvious reasons, the futures markets are as dead as a doornail. Here’s the /NQ, which has flatlined since regular trading closed.
Want to work in Palo Alto and buy a basic middle-class house to raise a family? You need about a million dollars in cash for your down payment. The house next door to me just sold for $18 million. Back in the 1970s, it sold for $230,000. We are going to wind up in a nation of renters.