10 Reasons Why The Dow’s New High Was Actually A Warning To Head For The Casino Exits

We are making our way across Europe today just as the mother of all yield shocks we have been warning about begins to have its way with the clueless boys and girls and robo-machines in the casino. But they haven’t seen nothin’ yet—–even central banks cannot keep egregious bubbles suspended in mid-air indefinitely.

Given the massive Trumpite/GOP fiscal eruption that is now baked into the cake, and the determination of the Keynesian central bankers to “normalize” yields and balance sheets in order to replenish their dry powder before the next crisis, it’s now all over except the shouting.

The US dollar bond pits alone will soon be shocked with $1.8 trillion of homeless government debt as the US Treasury issues $1.2 trillion of new paper and the Fed dumps $600 billion of old debt during the fiscal year that incepted three days ago.

To be sure, the Wall Street talking heads are putting on a brave face today—–making the preposterous argument that the yield surge is all about a booming economy.

But that’s just plain hogwash!

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