There’s always tomorrow.
There will be blood.
“Either way, you gotta be super smart to run a country and sell vol. buddy, okay? It’s not easy.”
Finally, in case you haven’t had enough of “connecting the dots” today, here’s another exercise for you…
“It’s also important to emphasize that, like any bubble based on the Greater Fool Theory, there’s no logical limit to how far it can rise, so fighting the bubble could be just as foolhardy as investing in it.”
“It would take a huge leap of faith to say that crises won’t continue to be a regular feature of the current financial system.”
“With the Fed’s balance sheet poised to contract and financial conditions set to tighten either steadily or abruptly, we fear gold, fixed income, and equity asset prices may suffer a sudden drop.”
“So is a single Bitcoin worth $500,000, $5,000, $500 or $0? I’m inclined to say $0, especially if Bitcoin’s value depends on it being adopted as a global digital currency to replace dollars. There is no chance whatsoever that Bitcoin can displace the dollar, for the simple reason that it is badly designed.”
As one reader put it earlier today, “is just being open for trading” a good enough reason for stocks to rally?
Ok, I’m feeling like today is a day when I should try and vex as many readers as absolutely possible, and there’s no better way to maximize the hate mail than to deride gold and Bitcoin in the same post.
“It’s the millennial’s wild west. Like all generations, they’ve discovered a new frontier, with few rules, seedy saloons, gunfights, corpses. As our earthly unknowns disappear, we find new ones in the ether. “
Generally speaking, this week’s theme (reflation back on in the U.S. as stocks, the dollar, and yields all rise in tandem) held, as there was no news “bigly” enough to change the narrative.
It’s all green screens out there early on as the relief rally gathered steam in the overnight. Bottom line: Hurricane Irma wasn’t as catastrophic as feared and North Korea decided maybe it wasn’t a fantastic idea to launch another missile ahead of a new sanctions vote in the Security Council where it still enjoys the…
As noted late last week, things would look quite different on Monday, one way or another.
To be sure, traders and investors were left to cope with conflicting signals in the just-concluded trading week. For one thing, you never want to be completely out of risk assets in an environment where the central bank put is still in place. Underscoring that was Thursday’s ECB presser where Mario Draghi made a concerted…