Not much to say

Support broke. Again. Guess I actually got it right this time. But I think there’s a key difference at work this time. Central bankers are losing “control” – I put that in quotes because they never really had it in the first place. The market is bigger. And when it recognizes that the bloom is off the rose, there’s no going back. The Fed will fight to maintain the status quo, because it doesn’t know any better. And the vicious cycle will feed on itself. Inflation without growth – the perfect remedy to a broken chart. You see, even if the trends and charts matter in the short term, they are absolutely terrible at recognizing the underlying seismic shifts that define secular turning points, at least until way later.  The world has shifted the last two days.