"We’ve surpassed the $400 billion mark… They call it ‘not QE’ because it’s maturities of 12 months or less. But as of now, we have a $100-billion-per-month run rate of ‘not QE.’”
Danielle DiMartino Booth
"Nations, like individuals, cannot become desperate gamblers with impunity. Punishment is sure to overtake them sooner or later."
Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds
“But you can't make people listen. They have to come round in their own time, wondering what happened and why the world blew up around them.”
Ray Bradbury, Fahrenheit 451
Stocks closed at new momentum highs today.
The stage is being set for a bone-jarring correction I think.
But let's see what happens. Who but God can measure the depths of avarice and high tides of folly?
Gold and silver were lackluster as the Dollar gained a bit.
The VIX, a measure of the perception of risks, is rather low as shown on the chart.
Monday the markets will be closed for Martin Luther King day.
We may get our first major snowfall this weekend. The winter has been remarkably mild for the holidays.
Have a pleasant weekend.
