"We’re in the most economically disruptive period since the 1880s and there’s been no bankruptcies. As quantitative easing turns to quantitative tightening, all these zombies are going to be exposed."
Stan Druckenmiller
"The clowns on TV rant about 'the great macro backdrop and alluring valuations.' No mention of liquidity as if they don't know this is the fuel for risk assets. Someone should tell them that the global monetary base began to contract last March and is now running at a -7% YoY rate. The best economy of all time just saw core capex orders decline at a 2.9% annual rate in the three months to October. Imagine what happens when it goes to something less than best...
I love it when people always say I'm always 'too early'. You can be late to a bull market -- it's an escalator on the way up. You can't be late to a bear market -- because it's an elevator going straight down."
David Rosenberg
Stocks managed to squeeze out a little dead cat bounce today, and even held on to some of the gain into the close.
Gold and silver were up slightly and the Dollar chopped sideways.
Tomorrow US markets will be closed for the Thanksgiving holiday.
A frigid blast of arctic air has already started crossing the region. Temperatures will be 35° below average for Thanksgiving, with a high in the 20's and wind chills in single digits. Tomorrow night it is going to be in the 'teens.
There will be a light day of trading on Friday, aka 'Black Friday.'
Being thankful, for all His consolations, kindnesses, and tender mercies.
Have a pleasant evening.
