There and Back Again

 

"Oh what a tangled web we weave,
When first we practise to deceive."

Sir Walter Scott

We are back in the States, arriving late last night.

Here are the state of the charts today.

As you know US markets are closed for Columbus Day.

Options expiration (run of the mill) coming up on Friday.

Let's see what happens tomorrow. 

On Vacation

And I'm off.   Back the latter part of October.

“The world is being ravaged by a handful of tyrants.” — Pope Leo XIV

 

Just Charts - Pictures of an Historic Moment in the Markets

 

I thought it might be useful to capture the moment in charts and share it with you before I leave. 

We may be seeing an historic moment, a kind of high water mark in US financial markets, and the beginnings of a slide into the teeth wrenching downfall.  The willful act of greedy, lawless men. 

Comex option expiration tomorrow.  Probably the most shenanigans already, with a gut punch maybe next week early.

May God have mercy on us.

Have a pleasant evening.

Just Charts for Tuesday - Market Capitalism Falls into Vanity and Greed

 

It is sad to see the global markets become increasingly irrelevant as the rule of law falls into vanity and greed. 

"My warning to subscribers remains the same: do not confuse the price blinking on your screen with some immutable statement about economic reality.

This isn’t the stock market of the 1980s or 1990s. We now have zero day options, enormous passive vehicles, algorithmic strategies, volatility products, dealer gamma hedging and trillions of dollars responding mechanically to price.

After more than a decade of zero rates, QE and monetary intervention, I increasingly think we’re staring at a financial mirage, a fiat driven, QE induced hallucination where price temporarily becomes its own justification.

Nothing feels particularly real anymore.

But that’s the funny thing about a mirage, it all looks perfectly real right up until you try to drink the water."

QTR Research