Stocks were on a roll higher today, with the major indices setting new all time highs.
No one can really see what will derail this new ‘super bull’ market, as they say on financial TV.
I can think of about a dozen things off the top of my head, but all of them are relatively low probability events.But I do think this market is a bit frothy, with underpinnings made out of meringue.
But with the lift of the corporate tax cuts coming in under earnings, I would not get in the way of these markets.
So the VIX was down, stocks were up, and all is very well in tax cut land.
The precious metals managed to eke out some small gains.
I wonder if Dandy Don is ‘mouse-trapping’ himself by hanging his hat on the stock market as validation of his presidency. I don’t think it is a genuine validation, especially given its speculative nature..But I wonder how he might feel if the market tosses his administration a ten to fifteen percent correction later this year.Live by greed, die by greed.
Speaking of the Donald, some time ago I suggested that this implausible and histrionic Russia-gate investigation fomented by the Clintonistas appears to be a thinly-veiled fishing expedition. The target is not any significant ‘collusion’ to throw the election, but much more likely an obstruction of justice, coming off dodgy private real estate deals and assorted financial arrangements with a small group of Russian oligarchs that involve money laundering and a certain very large German bank.
Watching the well-paid courtiers of power in politics and the media dancing through hoops to make the case for this grand collusion conspiracy has been quite a spectacle.
I am in no way a supporter of Trump or his agenda. I think we have settled that.But the damage that the Clintons have done to the Democratic Party, using it as their private piggy bank and its leadership as their servants, is likely to take years to repair.The Democrats may need a twelve step program to recover from their addiction to easy money and power.So far they are in extreme denial and deflection.
I don’t buy into the ‘Red v. Blue’ meme that is the dark heart of US two party politics.
And as also previously noted, the Republicans appear to be utterly captivated to the service of big money, and almost beyond redemption.
Tough times for the quiet of the land.
