Nope, not going to get me to go there with the jokes in poor taste or “it’s all about the Benjamins” or other such nonsense.
This was a Carpenters market today.
In song it’s like this:
That’s right, we’ve only just begun to see the bear roar.
Volume was okay, nothing dramatic despite a massive sell program on the open which set the tone for the day. Advance/Declines nothing special as in no 100:1 cremation of the equity markets and selling violence or intensity after the open was somewhat tame.
Thus there is no capitulation.
The rumor leaked by Jay Powell to the Wall Street Journal that Blue Horseshoe likes Anacott Steel and would increase rates 75 bps only set the tone for a rapid collapse in the credit market resulting in the 10 year US Treasury yield blowing way past the 3.25% level I warned about this morning:
Shortly after the leak, almost every bankster said “yup, the Fed’s going to do it” which will have some pretty dire consequences as the morons in our central bank outwit themselves once again.
The S&P 500 continued its march downwards, precious metals have imploded and will decline further, and cryptocurrency has officially requested to be renamed as craptocurrency since that’s about all most of the “coins” will be worth by the end of this year. Bitcoin truly does look like the only potential survivor when the dust settles.
Buckle up and stay tuned for my Fed commentary tomorrow night as I offer the three paths of which flavor of the proverbial deathburger they will be serving up on Wednesday.