Acts 2:40
"Be sober, be vigilant. Your adversary, the devil, prowls the earth like a roaring lion, seeking those whose souls he may devour."
1 Peter 5:8
"Behind the concrete, the visible events, behind all objective, logical considerations, we find the irrational element: The struggle against the demon, against the servants of the Antichrist. Everywhere, and at times of greatest trials, men have appeared, prophets and saints who cherished their freedom, who preached the One God and who with His help brought the people to a reversal of their downward course."
The White Rose, Fourth Leaflet, Munich, 1942
"For we wrestle not against flesh and blood, but against principalities and powers, against the rulers of the darkness of this world, against spiritual wickedness in high places."
Ephesians 6:12
And as was said here yesterday:
"At some point the markets will have to catch up with reality." Jesse, 26 October 2022
And Amazon dropped a stink-bomb on the bubblicious view of the markets and the economy after hours.
Here's one for the record books, along with the other rosy quotes from the late 1920s.
“This is a strong, robust economy. People have savings on their balance sheet from the period when they couldn’t spend and where they were getting government transfers. There’s still very significant savings out there, although not as much at the lower end of the income spectrum — but still, some savings out there to support growth."
Jerome Powell, 21 September 2022
As they pointed out at Wall Street On Parade today, " According to BEA data, the Personal Savings Rate in the U.S. now stands at 3.5 percent, exactly where it stood in August of 2008 – in the midst of the worst financial crisis since the Great Depression."
The futures were cratering after the bell, so I'll just leave them as they are on the charts for now, and we'll see what we have tomorrow morning.
If nothing else these are wild, volatile markets, compliments of deregulation and the Fed.
Gold and silver were pretty much unchanged after another attempt to smack prices lower.
The Dollar actually gained some strength back.
Let's see what happens as the credibility trap continues to unravel around the aura of the self-proclaimed elites.
Have a pleasant evening.
