“Like a snake eating its own tail, the equity market cannot rely on share buybacks indefinitely to nourish the illusion of growth."
Chris Cole, Artemis Capital
"Of course big bank stocks are 'overvalued' in terms of earnings or revenues, but do such measures really matter in a world without value? When you have global central banks gunning all asset prices in a desperate effort to avoid a sovereign debt default starting in Japan and then Europe, pedestrian metrics like price/earnings ratios and net-present value have little relevance...
The growing pile of public debt in the US is why price stability will never be part of the mix— unless and until the Treasury is forced to live within its means. This is also why dollar-alternatives like bitcoin, imperfect and even fraudulent as they may be, will continue to capture the attention of those seeking to escape the economic tyranny of fiat paper money."
Chris Whalen, Institutional Risk Analyst
If you did not watch the World Series game last night, with the walkoff 13-12 win by the Astros, you missed one of the best offensive battles in postseason play that I have ever seen.
The east coast certainly did not miss out on rain this weekend. We had a steady downpour intermingled with cloudbursts that lasted nearly all day, and late into the evening. We certainly needed the water, and it did quite a bit to start the leaves falling which are several weeks behind the norm.
But like most storms it brought a glorious sunny day here, with a steady breeze to help to dry things out. Dolly and I procured some flowers which we intend to place at the queen's niche in Lady Chapel tomorrow.
Gold bounced a little today and silver held steady. Stocks made an early push higher, that faded for the most part into the afternoon and the close.
Gold continued to remain at low levels in the Hong Kong CME licensed warehouses.
This is a week heavy with economic data. The calendar for this is included below.
There will be a Non-Farm Payrolls report for September on Friday. The FOMC is conducting a two day meeting with an announcement of their weighty economic meditations on interest rates on Wednesday.
Donald of Orange is said to be announcing his pick for the new Fed Chairperson on Thursday. The Special Prosecutor was announcing indictments for his underlings and associates today.
And the band played on.
Have a pleasant evening.
