"We suddenly have documentary proof that key elements of the U.S. intelligence community were trying to short-circuit the U.S. democratic process.  And that puts in a new and dark context the year-long promotion of Russia-gate.  It now appears that it was not the Russians trying to rig the outcome of the U.S. election, but leading officials of the U.S. intelligence community, shadowy characters sometimes called the Deep State...

But the main casualty is the FBI’s 18-month campaign to sabotage candidate-and-now-President Donald Trump by using the Obama administration’s Russia-gate intelligence 'assessment,' electronic surveillance of dubious legality, and a salacious dossier that could never pass the smell test, while at the same time using equally dubious techniques to immunize Hillary Clinton and her closest advisers from crimes that include lying to the FBI and endangering secrets."

Ray McGovern, The FBI Hand Behind Russia-gate

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 highly speculative nature.  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. He reinforced that again today by noting that the US gets too many immigrants from 'shithole' countries.    But I cannot use my dislike for Trump to ignore the damage that the Clintons have done to the Democratic Party.  They had been using it as their private piggy bank and its leadership as their servants.  The people's loss of confidence in the party 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 am concerned that if they get a backlash wave of seats in this year's election, that they will go into the 2020 elections and blow it all over again using the same old arrogant gameplan.

And as also previously noted, the Republicans appear to be captivated in the service of big money, almost beyond practical hope of redemption.

Tough times for the quiet of the land.

Have a pleasant evening.