"Do you not know that to whom you give yourselves as servants, their servants you become, whether servants of a corruption unto death, or of a righteousness unto life?"
Romans 6:16
"You are of your father the devil, and your will is to fulfill your father's desires. He was a murderer from the beginning, and does not stand with the truth, because there is no truth in him. When he lies, he speaks from his own character— for he is a liar and the father of lies."
John 8:44
Stocks declined hard about 11 AM today.
There was a strong print on the Philly Fed that had stocks rallying.
But the headlines from China and other regions showed, at least to the ever observant algos, that the current narrative of the elites about this coronavirus is so much wind.
It may not be the Spanish flu, thank God, but it is a major exogenous force that should not be ignored.
I strongly suspect that Trumpolini and his Merry Pranksters, along with the usual serial felons on Wall Street, are propping up the market, because this is his premier accomplishment.
Do you think that he or his minions would hesitate for one minute to do this?
It is a bubble, and now a veritable ponzi scheme.
The Fed and others are complicit in this, for the obvious reasons of cowardice and greed.
At some point the stock market is going to dump, and hard. Much worse than the fourth quarter of last year, at which time the Fed kicked in billions of 'not-QE.'
I suspect the usual suspects would like to string this out until after the November election, but I don't think they can do it.
And so we have a quiet flight to safety in gold, and to the Dollar.
Have a pleasant evening.
