“It has been more profitable for us to bind together in the wrong direction than to be alone in the right one. Those who have followed the assertive idiot rather than the introspective wise person have passed us some of their genes. This is apparent from a social pathology: psychopaths rally followers.”
Nassim Nicholas Taleb, The Black Swan
"Definite signs that business and industry have turned the corner from the temporary period of emergency that followed deflation of the speculative market were seen today by President Hoover. The President said the reports to the Cabinet showed the tide of employment had changed in the right direction." -
News dispatch from Washington, January 21, 1930
"The even larger problem is that there is a kind of chronic complacency that has been rotting American liberalism for years, a hubris that tells Democrats they need do nothing different, they need deliver nothing really to anyone – except their friends on the Google jet and those nice people at Goldman. The rest of us are treated as though we have nowhere else to go and no role to play except to vote enthusiastically on the grounds that these Democrats are the 'last thing standing' between us and the end of the world.It is a liberalism of the rich, it has failed the middle class, and now it has failed on its own terms of electability."
Thomas Frank, 2016
The markets want to see a 25 basis point cut from the Fed's FOMC meeting, which will announce its decision around 2 PM.
They are also going to be listening very carefully to Chairman Powell's press conference, and are expecting some kind of reassurance of the Fed's support for equities and the Banks.
Stocks were a bit wobbly today but managed to rally into the green in the late afternoon.
The Dollar was lower, while gold and silver edged higher. The VIX fell.
After the bell Fedex announced a miss in earnings. They also cut their outlook, citing global macro slowdown. The stock was being spanked rather thoroughly after hours.
Adobe also missed its results after hours. Smells like teen spirit.
There will be the September stock market options expiration on Friday.
Need little, want less, love more. For those who abide in love abide in God, and God in them.
Have a pleasant evening.
