And There It is

Below is a daily chart of the S&P 500™ futures. As of this writing they have already printed (and may go even higher) a never before seen in human history all-time high.

I have made some notations that I believe demonstrate the pure comedy (actually tragedy) that so many of the so-called “smart crowd” have tried to defend these last years saying the Fed knew what it was doing. The chart below shows that was never the case: just as I have been stating over the same period.

Today now qualifies as the unquestionable evidence that we were correct calling “bullsh#t” where bullsh#t was. There is no so-called “market.” It’s a casino completely captured and reliant of Fed easy money. And without it, it all falls apart like the house of cards it still remains as.

In other words: one strong unanticipated “breeze” regardless from where or why – and it will all tumble.

Again, not to beleaguer the point, but it needs to be made emphatically, because its de facto proof that said arguments I’ve made are correct…

At less than 1% of all-time highs: The Fed ensconced its epic failure that all it said prior via its reading of the economy and more was invalid. And – reversed course and began the process for cutting rates back toward the zero bound while jettisoning, possibly even sooner, the already curtailed tightening process.

That ladies and gentlemen is what the once greatest market for capital formation ever seen in mankind has devolved into: A casino with a central bank as the cashier.

That’s not capitalism – that’s the breeding grounds for evermore cronyism. Period.

Once again, here’s said proof. To wit:

(Chart Source)

© 2019 Mark St.Cyr