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DrStool

Another Day, Another Bottom 5/4/20

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27 minutes ago, fxfox said:

Generally speaking one has to keep in mind:

The „market“ has no morale,

 

You can't read so much into it, the market, whatever the hell that is, all the time.  Mostly it's just noise that doesn't mean anything.

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You guys keep talking about "the market."

What effing market?

There is no market.

Indeed, there are exchanges.

There are trading hours.

There are recorded transactions.

But there are public authorities - primarily, but not exclusively central banks - lodged on one side of the equation, distorting price in one direction away from what would otherwise prevail where thousands & millions of individuals acting on available information and their own reasoning would place price.

That distortion is now institutionalized & permanent: to wit, both earlier efforts to "normalize" monetary policy, and the present situation reflecting an immediate impulse to backstop plutocratic shareholders.

In any "market" world, control of publicly held companies would be being turned over to bondholders: you know, those who lent money to corporate directors so the latter could buy back shares?

Like, say... United Airlines, for example?

I get it: "market" is shorthand, and we all know of what is spoken.

But it's a vulgarity.

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5 hours ago, Jorma said:

"the market, whatever the hell that is"

Fair.

Fair.

 

Basic observation is no substitute for a preconceived notion.

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