C.S. Lewis, The Abolition of Man
We all fall down.
All the bearish types who bet on a sell off on a lack of details from Donnie got smoked this morning, as stocks went on a tear higher.
Talk about exceeding a very low bar. I think the markets were afraid that Il Douché would take off his shoe and start pounding it on the podium.
Ah, but the SNAP IPO is pricing this evening, and at a couple of dollars above the 'expected price' at $17. It will start openly trading tomorrow. There is a lot of interest in their big underwriter Goldman, among others, seeing it 'pop' and close higher tomorrow to flush out the pan. And there are other IPOs lined up to follow if this one flies. Uber, among others perhaps.
I am not sure that markets will start selling off next week, but I was pretty sure they would not start selling off before now, all things being equal and considered.
This is one bent financial system, and Donnie is no reformer by all indications so far. But there are so few of them these days. It is very fashionable for the elite to embrace their inner swine.
So was this a high note today, or just another stop along the way of making America great again? And what will things be like when we finally face the music?
I suspect that this is just another cycle in the series of financial bubbles and busts which we have been enjoying since the 1990's, when it was declared that greed is good, and being a nation led by shameless pigmen had its compensations, at least for those who count.
Well, the future will certainly not be boring.
Happy National Pig Day.
Have a pleasant evening.