The financials led the US equity markets higher today led by JP Morgan.
Apparently the markets were relieved that JPM seems to be able to put their CIO losses behind them, and shift money from their loss reserves to achieve the appearance of vitality.
As one of the spokemodels on financial television said, JPM can get back to printing money. All is well, right? Well perhaps, but perhaps not so, while the severe mispricing of risk is upheld by the credibility trap.
There is a bull market in bloodsuckers and bootlickers. I hear that there are thirty-seven different financial sector ETF's alone. Talk about saturation.
A sour note are the numerous warnings coming from companies that are involved in the real economy. Consumer demand is flagging badly, as the median wage staggers under the burden of supporting the unsustainable greed and corruption of the one percent.
Have a pleasant weekend.
