Another down day for US equities, although it is very telling that the VIX is still a very modest 18.20. In other words, although there is a fairly good decline in place, it is not accompanied by real fear, or at least, not yet.
Non-farm Payrolls tomorrow. Unemployment claims shocked the markets a bit this morning.
I think this is a cynical traders' market, dominated by bank liquidity and insiders. That does not make it any less dangerous to the ordinary person or the real economy.
Republicans Shelby and McConnell are refusing to confirm anyone for the Consumer Protection Agency created by Dodd-Frank, unless it is gutted first in a redo of the law. Although the Democrats are hardly real reformers, the Republicans are the fawning servants of the corporate oligarchy.
This adds more incentive for Obama to do a recess appointment of Elizabeth Warren.
