Back on January 4, the S&P 500 closed at 2724 or about where it attempted to break-out today. In the interim, Wall Street has invented one meme after another to lure the lemmings in for another ride on the Sucker’s Express.
But the oft-promised breakout ain’t gonna happen because the Era of Bubble Finance is done. The money printers at the central banks are vacating the casino and that’s really all you need to know.
After all, it was the monetary central planners who fostered the hideous over-valuation of financial assets that now hangs over the main street economy like the Sword of Damocles. So when the robo-machines finally get re-programed for the contractionary policies which central banks are now actually implementing—as opposed to the “its all priced-in” hopium being peddled by the talking heads of bubblevision—-the selling waves will be ferocious.
For for the third time this century the retail lemmings will come hurtling over the cliff in a pulsating mass of panic.