Authored by Bonner & Partners' Bill Bonner, annotated by Acting-Man's Pater Tenebrarum,
Free Money!
Last week, the Dow punched up above 19,000 – a new all-time record. And on Monday, the Dow, the S&P 500, the Nasdaq, and the small-cap Russell 2000 each hit new all-time highs. The last time that happened was on the last day of December 1999.
While most global equity markets were subdued due to the US Thaksgiving holiday, the FX world was very busy overnight, marked by the relentless dollar surge on expectations of a rate hike not only in December but further in 2017, sending Asian currencies to the weakest level in 7 years: the Bloomberg-JPMorgan Asia Dollar Index reached 103.32, the lowest level since March 2009.
Amid a bounce back in the FANG stocks, the Nasdaq has recovered from its post-Trump laggardness to surge past previous record highs this morning... proving that 'everything' is awesome.
FANGs remain red post-Trump but are bouncing aggressively this morning...
As volume contnues to dribble lower...
Will it hold?
Notably Nasdaq futures remain below their record high (for now)
For those who have been forced to trade the market, or provide trading recommendations, the past few months have not been kind: we have seen several instances in recent weeks where a trader lost it, where a strategist - one as prominent as SocGen's Albert Edwards - blew up and admitted "I'm Not Really Sure How Much More Of This I Can Take", and even a central banker went off the rails saying he and his peers are "magic people."
Submitted by Mike Krieger via Liberty Blitzkrieg blog,
When you first go on duty at CIA headquarters, you raise your hand and swear an oath — not to government, not to the agency, not to secrecy. You swear an oath to the Constitution. So there’s this friction, this emerging contest between the obligations and values that the government asks you to uphold, and the actual activities that you’re asked to participate in.