US stocks were rolling over today, in recognition that the asset bubble rally which we had just experienced was over, at least for now.
Right now we are in a very overdue retracement. The depth of the decline will give us some information on the chart about a potential move higher into year end.
Fundamentals rare matter in the short term, and with the reckless monetary policy of the Fed and the fiscal malfeasance in Washington, the fundamentals are a barely heard voice of conscience.
We stand two bubbles in, and on the verge of another, at least according to the IMF, and you know that I have had that forecast for some time now.
There is no reason why we cannot have a fourth or fifth bubble and crisis as well. They are serving a purpose. If you do not know what that is, then you have not been paying attention to the growing chasm in economic and political equality between the elite and the rest in the 'free world.'
Have a pleasant evening.
