14 August 2014

SP 500 and NDX Futures Daily Charts - Ancien Régime - Here Comes the Sun King

Stocks managed to build on their rally, despite some particularly ugly macroeconomic news this morning.

I seem to recall saying that it is hard to be too cynical about this market. It is running on low volume and algorithms that are largely focused on the short term technicals.

It is going to take something of significance to shake Wall Street out of its narcissistic love affair with itself.

Today President Obama announced that he is relaxing the restrictions against lobbyists directly occupying positions of power on Federal advisory boards for government policies. 

Perhaps he just wants to cut out the middlemen.  Or line up a few more post-electoral $100K speaking engagements.

How fitting that the Sun King announced this from Martha's Vineyard. 

Is there any promise or progressive policy that he has not carelessly thrown under the carriage of his imperial convenience for the pleasure of the moneyed interests?

As a reminder, tomorrow is an option expiration for stocks.

Have a pleasant evening.