MAD Macro - Corn Pop, I Am Not Going Anywhere
Corn Pop, I Am Not Resigning!!
Hillary, What a Mess!
Barack, He Is Your Fault!
Obama and Hillary are pissed off.
Obama, “This is ridiculous, what is wrong with Jill and Hunter? The coverup is over, we got caught. The Tin Man needs to go. I am super pissed off.”
Hillary, “Wow, what’s this we stuff? The Tin Man is your fault. We didn’t get caught, you got caught. Hell, you picked him as your vice president. If it wasn’t for you he would be on the beach in Delaware sniffing hair and scaring people. Now because of you, Jill and Hunter are running the world when we were supposed to be running the world. That ruler of the Deplorables, the Orange Mad King I, stole my presidency in 2016.”
Obama, “Ok, ok you call the fixers. Let’s end this. Do what you need to!”
Hillary, “Ok, I will call Brennan and Clapper. They already started a story today about the Russian’s supporting the Orange Mad King I again. Do I get to be President? Remember when I used the hammer and bleach to destroy our emails? You promised. Plus, did you see the new poll that says I am the only democrat who can defeat the Orange Mad King I?”
One interesting thing about the Tin Man’s fight for survival is who came to his defense yesterday- the progressive wing of the Democratic Party. They want to keep their puppet in office. This seems to have become a fight between the democratic elite and the democratic progressives. Who is controlling the Tin Man puppet? It’s the Obamas and the Clintons vs AOC. The NYT seems to be supporting the democratic elite. Jake the Snake Sullivan, democratic elite brainchild, has a long opinion article in today’s NYT explaining what a wonderful job he is doing on foreign policy. It’s linked here. Thomas Friedman, spokesperson for the democratic elite also has another article calling for the Tin Man’s replacement, linked here. To quote Friedman, “Both men running for president right now are unfit for the job. The plain fact is that only one party in America’s two-party system is ready to defend our constitutional order anymore. The other party is interested only in gaining and holding power for the sake of it.” Funny, which party is that Tom? I guess Tom has TDS (Trump Derangement Syndrome). We have been so focused for the last two weeks on the Tin Man’s fight for survival, the Orange Mad King I must be getting jealous. That could be dangerous, what will he do to get back in the news?
The NYT has another interesting article today, linked here. It’s titled, “Metal Thieves Are Stripping America’s Cities”. I guess we are in a commodity bull market. Apparently, in Las Vegas, 970,000 feet of electrical wiring, the equivalent of 184 miles, have gone missing from streetlights over the past two years. If you were a metal thief looking to steal copper wiring, you would definitely move to Las Vegas.
Markets are melting up, they love all of this political drama. Jay Powell continued to hint that the Fed will ease this fall during his Senate Banking Committee testimony yesterday. Interest rates are lower across the curve and the dollar is slightly lower. I included a long-term chart of the NASDAQ 100 today. We have reached the top of a long-term channel. I don’t have the guts, but if I did I would pick a top here. Maybe today will be the top of a bubble. As Alan Greenspan once said, “you don’t know you are in a bubble until it pops”, or something like that.
I updated the U.S. Dollar Index, U.S. 10yr yield, U.S. 10yr-2yr yield spread, WTI crude oil, NY copper, spot gold, bitcoin, S&P futures, NASDAQ 100 futures and NASDAQ 100 cash weekly charts below.
The dollar and interest rates are unchanged after falling slightly yesterday on Powell’s comments.
Crude oil and copper are unchanged. Gold and bitcoin are both a little higher. Bitcoin is still testing the 200 day resistance level.
Surprise, S&P and NASDAQ 100 futures are both higher again today.
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Unless otherwise stated, Bloomberg is the source of all data and charts.
S&P 500 futures are a type of derivative contract that provides a buyer with an investment priced based on the expectation of the S&P 500 Index’s future value. Nasdaq 100 futures are commodities futures products traded within the equity futures sector. West Texas Intermediate (WTI) oil is a benchmark used by oil markets, representing oil produced in the U.S. Brent Crude Oil is a blend of crude oil recovered from the North Sea in the early 1960s, whose price is used as a benchmark for the commodity's prices. The U.S. dollar index (USDX) is a measure of the value of the U.S. dollar relative to the value of a basket of currencies of the majority of the U.S.'s most significant trading partners. UBS Bloomberg Constant Maturity Commodity Index is a total return rules-based composite benchmark index diversified across commodity components from within specific sectors.
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