Stockman’s Corner

The world financial system is surely in a pickle when Super-Mario Draghi disappoints the gamblers for being too hawkish! After all, at Thursday’s meeting the ECB kept its marginal lending facility rate at 0.25% and its deposit facility rate at negative 0.4%; and it also said it would continue printing QE money at a EUR 15 billion […]

The chart monkeys were sweating bullets today because the casino’s safety blanket is in danger of falling off the ledge. We are talking about the 200 DMA of the S&P 500, which sits at 2768 and has been the site of hand-to-hand combat among the robo machines for nearly two weeks now. But this morning the index sliced

It truly does not get more bizarre and despicable than this: It seems that MBS not only sent to Istanbul 15 elite members of the Royal Guard (MBS’ body guards which report directly to him) special forces, top intelligence officers and Royal Air Force personal, but among them was Dr. Bonesaw and Mr. Body Double, too. That’s right. Here is the latter garbed

During an appearance on Fox Business yesterday we were asked about the Khashoggi affair and whether any intemperate response by Washington might inconvenience the party kids’ reviling on Wall Street. Perhaps we were having a bad hair day, but the question did trigger a fairly intemperate response on our part. For crying out loud, Mohammed Bin Salman (MBS) is hands down

We can thank bubblevision and the Maestro himself for a splendid reminder today that Greenspanian central banking is the greatest menace to capitalist prosperity ever invented. This was made abundantly clear by his pronouncement on CNBC regarding the current labor market: “Tightest labor market I’ve ever seen.” – Greenspan on @CNBC As an empirical matter, of course, that’s

The nation’s looming fiscal and financial catastrophe is so damn obvious that it puts you in mind of the race car driver heading for a cliff at 150 mph—all the while whistling a happy tune called, “So far, so good!” The cliff we are speaking about, of course, is the unprecedented fiscal/monetary collision now underway; and

Mules usually need a hardwood 2X4 twixt the eyes before they know they’ve been warned. So it can be well and truly said that today’s stock market is dumber than a mule. In fact, yesterday’s report on the $779 billion and 4% of GDP Federal deficit for FY 2018 was the fiscal equivalent of a giant redwood beam whacking the punters squarely upside

Sometimes the Donald fires before aiming, or not. Anyway, today he clobbered his Treasury Secretary with a two-by-four across the forehead. Regarding the long, long overdue demise of Sears, Trump opined that management did it: President Trump says “it’s a shame” that Sears is declaring bankruptcy…..”Somebody that is of my generation, Sears Roebuck was a

Not surprisingly, today the algos and day traders made a determined effort to rally an allegedly “oversold” market. That’s what the machines do in a casino that has become uncoupled from reality after years of egregious central bank money-pumping. As a matter of pure price action on the trading charts, we have no idea whether they can muscle

It turns out he wasn’t done yet. In a tirade transmitted through a certain news network that disseminates Favorable Only Xerox (FOX) copies of Oval Office talking points, Trump let Chairman Powell know exactly what was on his mind prior to last night’s regularly scheduled stadium rally: “The problem I have is with the Fed. The Fed is going wild. I mean,