"Education without values, as useful as it is, seems rather to make a man a more clever devil."

C. S. Lewis


"The best lack all conviction, while the worst are filled with passionate intensity."

W. B. Yeats

One of the worst selloffs of the year.  Brought to you courtesy of the cleverest devils money can buy.

The bulls certainly were pumped and dumped this week.  Oh the bovinity!

Who could have seen it coming?

Stocks sold off hard as the latest delusions [and tweets] fell flat.

The spokesmodels and very important people of finance found this steep sell off hard to accept, to the point of cognitive dissonance.

They searched for reasons for such an unexpected thing.

They looks at rising rates despite slack inflation with the narrowest of economic growth.  They examined global trade tensions, and the floundering of the proud British Tories in the face of Brexit.  They noted the deep disappointment of the narrow pack of bubblicious big cap darlings that had led the stock bubble higher, such as Apple.

But the hard truth is that these were all things that were in place before the latest pack of lies stroked our collective egos and drove stocks madly higher.   They knew that it was all a bunch of malarkey, but stocks were going up, so how could it be wrong?  Winning...

How unusual that equities fell back to earth when the latest delusional outlook was discovered to be priced to fantasy.

Gold and silver caught a bid in a safe haven move.   The Dollar moved sideways.  It was a risk off day.

The treasury yield curve is inverting on the very front end, which does not mean so much as the more classic 3m-10Y inversion, the technical term for which inversion is 'bad news.'

The US markets will be closed tomorrow in honor of George H. W. Bush.

We should have a memorial day for the truth, which we have allowed to be led down the blind alley of our willful delusions, and strangled.

Lord have mercy on us.

Have a pleasant evening.  See you on Thursday.