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Another 'up day' on the lightest volume of the year. The commentary I was hearing from the stock touts on financial television was right from the scripts used in 2000 for the late stage tech stock phenomenon.
Don't ask why, just BUY!
Remember that prices are set 'on the margin.'
What if the US gave a bubble, and nobody came?
Remarkably thin volumes.
This market is hardly resilient to say the least. But it is capable of selectively ignoring reality, denial-wise, until the facts become overly intrusive to its smug and complacent repetition of the unsustainable, floating higher on the swelling monetization of the Fed.
To that extent it reminds me of the economics profession, which is quite adept at eluding reality when it does not fit its models and fashions, muttering to itself within deep wells of subjectivity, calling its jabbering science.
In Egypt's sandy silence, all alone,
Stands a gigantic Leg, which far off throws
The only shadow that the Desert knows:
"I am great OZYMANDIAS," saith the stone,
"The King of Kings; this mighty City shows
The wonders of my hand."— The City's gone,
Nought but the Leg remaining to disclose
The site of this forgotten Babylon.
We wonder, and some Hunter may express
Wonder like ours, when through the wilderness
Where London stood, holding the wolf in chase,
He meets some fragment huge, and stops to guess
What powerful but unrecorded race,
Once dwelt in that annihilated place.
Horace Smith, Ozymandias, 1818
More signs of an intermediate bottom, but confirmation is everything.
The money printers are making a significant stand here, and calling out their supporters in the associated professions and public forums.
I suspect they will fail, and perhaps spectacularly. But timing is always quite difficult.
The Axis Of Those-Who-Have-Stuff-the-US-Wants
