And so the holiday-shortened week comes to a close and it delivered everything that could have been reasonably expected of it.
I was told Icarus would be unleashed.
If you don’t have a sense of humor, the market’s reaction to the Fed minutes was probably pretty frustrating for you.
The win streak is over.
“When I’ve raised hell you’ll know it.”
“Oh, they’re drunk. How would they know where we’re going?”
“…we can kill it.”
But remember, at some point people will start selling the underlying and that’s when shit gets really messy, especially if that selling ends up being prompted by massive outflows from the ETFs whose holders have no conception whatsoever of the underlying liquidity mismatch.
The bottom fell out.
Welcome to Friday.
Or at least that’s what it feels like.
“If the selloff feels like news”…
Safely. Of course.
“…the environment for investing in commodities is the best since 2004-2008.”
“… and the sun became black as sackcloth.”