Jorma

You were so quiet Friday I thought you got seasick. A feeling I'm getting looking at the overnight 1 minute ES chart.

You can color me impressed if the week closes in the green. ES 2778. It's all for naught for bully anyway. Famous bald apparatchik Kashkari, now Fed regional head and probable future chairman, says to stop raising rates. Bullard or someone with a B in their name says 4 hikes next year.

I've looked for an hour to find the 'news' that coincided with that silly spike. TNX spiked at the same moment.

I was rooting for 2727. Close.

Lee, while I suggested awhile back that you leaving America's shores was let's say unnecessary as a practical matter I certainly understand and fully agree with the symbolic nature of the move. Sadly there are probably only a few thousand people who get the symbolism. That your trip is potentially absolutely perfectly coincident with what could be recognized as the beginning of a bear market would be particularly bittersweet.

I'm seeing all these stories on the wire about how companies are trying to reduce leverage. Why is that? (sarcasm alert, OK)

Market just doesn't have that old vim and vigor. Erectile dysfunction.

Well they got the coupons turned down.

Finding many bears on the high seas Lee? How is the shuffle board?

$59.6 billion in new Treasury supply settles tomorrow. Is that a lot? https://www.treasurydirect.gov/instit/annceresult/press/press_cashpydwn.htm

Well sure. Today would be nice but I'm willing to give the bulls the benefit of the doubt for a few days anyway.

The message has been sent. It isn't going to going below 2700.

Massive, no. They will print. I'm starting to feel like 08 when by all rights Bernanke should have been going home every night and curling up into a fetal position, but he was as relaxed as could be. Don''t the Fedheads know the political winds are blowing 100 mph, both left and right, for printing. Not to mention the markets. I've said it before, We can't deflate more than China. It isn't an option. Not for political leaders, idiots nor wise ones. If there are any of the latter.

Awful year for hedge funds. They have to stay liquid this time of year anyway for redemption. As to the new paradigm stuff it is here. Rising rates. Every interest rate in the known universe is in an uptrend. It's perniciously deflationary, as the 35 year trip down with rates was inflationary as the assets had an inflationary bias.

Reminder to self. If someone says invest in Argentina. Don't.