Stocks are tumbling this morning with the dollar higher, Euro lower, bonds higher, oil is down, gold & silver are down, and food commodities are falling in the midst of an obvious correction.
$3 trillion in cuts on the backs of the wealthy doesn’t exactly sound like it would produce a roaring stock market, so low and behold some more of the fluff is removed. Damned if they do, damned if they don’t is the exact situation debt saturation produces. What matters is WHO controls the production of money. As long as the private central banks are in control the situation will remain impossible, backed by impossible math.
The economic data is pretty slim this week, primarily housing data and the FOMC clowns utter their nonsense on Wednesday while their minions on Wall Street wait with baited breath. This morning the Housing Market Index fell from the deep depression level of only 15 to 14. Plop. Thud.
Don’t worry though, on my commute back and forth to the boat show this past week I keep being reassured by the National Association of Realtors (NAR) that they have our back and are in there fighting for us! LOL, like those cheerleading monkeys weren’t and aren’t a huge complicit part of the problem. They were, and they still are.
The market never did move out of that nasty looking flag, and in fact just produced a lower high which now looks an awful lot like a Head & Shoulder’s pattern. Should we break below the bottom of that flag/ pattern, we may be in for quite the ride ahead shortly: