“Pride gets no pleasure out of having something, only out of having more of it than the next man. It is the comparison that makes you proud: the pleasure of being above the rest. A proud man is always looking down on things and people; and, of course, as long as you are looking down, you cannot see something that is above you.”
C.S. Lewis, Mere Christianity, 1952
"All the ruling elite have to offer to us is hate and fear— both of which obscure reason, that instrument of scrutiny which their self-serving actions and policies cannot bear."
Jesse, The Greatest Showman on Earth, 2 January 2019
“The last moments before damnation are not often so dramatic. Often the man knows with perfect clarity that some still possible action of his own will could yet save him. But he cannot make this knowledge real to himself. Some tiny habitual sensuality, some resentment, the indulgence of some fatal lethargy, seems to him at that moment more important than the choice between total joy and total destruction.
With eyes wide open, seeing that the endless terror is just about to begin and yet, for the moment, unable to feel terrified, he watches passively, not moving a finger for his own rescue, while the last links with joy and reason are severed, and drowsily sees the trap close upon his soul.”
C.S. Lewis, That Hideous Strength, 1945
Stocks came in wobbly this morning, as the bipolar market stance towards Fed rate cuts went beaerish again.
This despite the shockingly bad Empire State Manufacturing Index.
And so the Dollar rallied quite handily.
Gold and silver fell.
VIX rose, but fell back in the afternoon as stocks managed to pare most of their losses.
The geopolitical situation is getting increasingly ugly.
Mispriced risks abounding.
It is difficult to take most of the short term moves in the markets too seriously.
Kind of like the results of the lightly participated Iowa caucus which garners attention only because of its early scheduling.
New Hampshire will be significantly more interesting as always.
There will be the monthly stock option expiration on Friday.
Have a pleasant evening.
