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Endless Wash and Rinse - FOMC Tomorrow, Options Expiry Friday

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Published : June 15th, 2022
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Category : GoldWire
"When you have allowed sociopaths to erect a system which rewards expediency, cleverness, and winning without respect for human values, fairness, or even common dignity of others; a society which views compassion and a sense of justice as a weakness to the point of a dangerous deviancy; a culture in which harshness and crudeness and the abuse of power in pursuit of even more wealth, or of the weak as an enjoyable diversion for the superior, are enshrined with a sign of growing strength the only virtue— with such role models and rewards, what else would you expect the highly educated but spiritually weak-willed and morally ambivalent professionals among you to do?

They will implement and execute to plan, under the cover of playing within the rules of a rigged game, with an efficient and myopically determined focus as they do with all that they undertake. They will march themselves into hell with a deluded sense of pride and high accomplishment.

And where do you think this madness will end?

Jesse, A Banquet of Consequences Part II, 20 November 2018

"A certain type of person strives to become a master over all, and to extend his force, his will to power, and to subdue all that resists it.  But he encounters the power of others, and comes to an arrangement, a union, with those that are like him: thus they work together to serve the will to power.  And the process goes on."

Friedrich Nietzsche, The Will to Power

Stocks continued to drift lower today ahead of the Fed rate announcement tomorrow.

Rumors are that the Fed will move 75 to 100 bps.

I think they will do 50, but I am not ruling out an easy 75 given the pricing in yields already seen.

The markets are oversold and primed for a relief rally into the option expiration.

The Dollar is at multiyear highs at 105.45.

Have a pleasant evening.

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