Girl, We Couldn’t Get Much Higher


Stocks have entered the new year with their wonted ability to waft effortlessly higher on thermals of giddiness and so-so volume evidently still intact. In decades past there have been instances where the mere flipping of the calendar to January was enough to evince a sea change in Wall Street’s mood. Not this year, apparently — at least not so far. The headlines have been so felicitous lately — even Trump has been getting good press — that it’s almost scary.  One could imagine that all that’s needed to send stocks tumbling is for some high-profile economist to say — and really mean it — something to the effect that the stock market seems to have reached a permanently high plateau.

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John Jay January 3, 2018, 9:21 am

I still occasionally visit zerohedge to look at their story headlines in order to read their psychiatric ward comments section, just for amusement.

Just now, I saw this article headline at zerohedge:
“You Can’t Normalize Markets That Depend on Extreme Monetary Stimulus”
You do not even need to read the story to know that explains it all!
In spite of all their mis-direction and shuckin’ and jive’n it is painfully obvious that “Normalization” is the last thing on earth the Fed seeks to accomplish!
The actions of the Fed bring to mind Mark Twain’s definition of a gold mine:
“A hole in the ground, owned by a liar.”

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