SP 500 and NDX Futures Daily Charts - Rinse Day

 

They don't always put up a billboard with flashing lights, but often enough the next move in the market is pretty well-illuminated for those who are not from out of town.

And so we had the downdraft in stocks today, because of 'better than expected economic data' that 'might cause the Fed to raise rates sooner' rather than later.

Complete and utter baloney, a story for the tourists.

Stocks were jammed up against overhead resistance, and the pros were handing off their inflated shares to the specs and institutions, and positioned themselves for a downdraft.

And so today I covered the 'aggressive' short and took the profit. Maybe we will get more downside, or upside, but it won't be because of any economic news of the mild sort we got this morning.

Durable good are notoriously volatile, and anyone who bases investment decisions off squiggles like this, or the consumer index which is a lagging indicator of the stock market. The housing data was pretty much inline, but housing data these days makes the work of the BLS look good.

So there you are, another day in the Imperial Republic.

Have a pleasant evening.

 

Why We Fought: On the Four Freedoms Speech, 6 January 1941

There should be not doubt that the work for the four freedoms was not nearly finished after the end of the Second World War. The rights of minorities, and women, and the working classes took a long time to come, and are still in the process of being fulfilled and protected as the forces of progress and repression, of money and power versus moral principles, ebbs and flows.

But in judging what has gone before us, we ought not to forget the context in which the great lights of history existed and fought.

And before we judge the Roosevelts, Lincolns, and Jeffersons of history too harshly and out of context, as is the fashion for those who would tear down giants to make their own lack of stature and accomplishment less appalling, let us first look at our own times, and our own actions, and judge ourselves first with these same strict measures we would apply so blithely in our ignorance and oversimplified prejudices to others.

Hillary as President: Robert Reich vs. Nomi Prins

I am so very glad that Pam and Russ Martens have written this article below.   I had intended to write something on this topic, and I probably would not have done it nearly so succinctly and so well.

The excerpt below is just a taste of a longer and more interesting piece, and I suggest that you read it.

While the Republicans are temporarily fragmenting along lines of personal ambition and various billionaire special interest groups, the Democrats are continuing to split between the Wall Street and populist progressive wings.   

And The Clintons are the unabashed leaders of the big money wing of the party.  With regard to the most recent series of financial crises, the Clinton's set the stage, and Bush II enacted it.

It seems likely that if unchallenged, the party bosses will be running roughshod over the concerns of the progressive and reform-minded elements of their constituency.

Another election of Bush v. Clinton would be a suitable emblem for the decline of democracy.

The next election, I believe, will be the opening act in an interesting decades long evolution of the American Republic.

Wall Street On Parade
Debating Hillary for President: Robert Reich v. Nomi Prins
By Pam Martens and Russ Martens: May 25, 2015

Robert Reich, former Labor Secretary in Bill Clinton’s administration and currently Professor of Public Policy at the University of California at Berkeley, is an important voice for tackling income inequality in America by bringing back the Glass-Steagall Act, busting up the too-big-to-fail banks, and imposing a securities transaction tax...

Unfortunately, Reich, an otherwise clear-eyed progressive has a deep blind spot. Her name is Hillary Clinton...

There is one person in America who might be able to change Robert Reich’s mind about Hillary before he blows his otherwise stellar work on taming Wall Street with an unwise gambit of getting deeper into the Hillary camp. That person is Nomi Prins, a Wall Street veteran and meticulous researcher on the democracy-shriveling nexus between Wall Street and the Oval Office...

A column by Prins on Hillary Clinton’s Presidential attributes was posted to Paul Craig Roberts’ web site last Friday. It is not the detail-lite version on Rubin. Prins writes:

“When Hillary Clinton video-announced her bid for the Oval Office, she claimed she wanted to be a ‘champion’ for the American people. Since then, she has attempted to recast herself as a populist and distance herself from some of the policies of her husband. But Bill Clinton did not become president without sharing the friendships, associations, and ideologies of the elite banking sect, nor will Hillary Clinton. Such relationships run too deep and are too longstanding…

“Though she may, in the heat of that campaign, raise the bad-apples or bad-situation explanation for Wall Street’s role in the financial crisis of 2007-2008, rest assured that she will not point fingers at her friends. She will not chastise the people that pay her hundreds of thousands of dollars a pop to speak or the ones that have long shared the social circles in which she and her husband move…”

Read the entire article at Wall Street On Parade here.