Markets are lower again this morning with Europe leading the way in the mess department – for now (it will be our turn again soon). The dollar rallied but then gave it back to be basically flat, bonds did the same thing as the dollar, oil is flat, gold & silver are down, and food commodities are down slightly.
There’s nothing on the economic calendar today, but the rest of the week is busy with inflation, manufacturing, and regional “Fed” data. Oh, and if the “Consumer” still matters, we’ll see Consumer Sentiment later too. Which reminds me… remember when the manufacturing data was important, decades ago now? Well, when that data was slipping, and slipping, and then still slipping some more – the media and pundits decided it didn’t matter anymore because the “new economy” was based on service. That’s right, service for “Consumers” was the new economy, but now I guess that doesn’t even matter anymore because the new new economy is all about financial engineering, fraud, and pretending that real change isn’t needed. “Consumer Sentiment” doesn’t matter in the new new world (where private central bankers take & make).
The market has broken beneath the large flag that has formed over the past few weeks:
The target on the flag, as if it matters in this HFT Holographic “market,” is just above 1,000 on the S&P.
I’ll be attempting to sell real products at the Seattle Boats Afloat Show all week and thru next weekend, those products will be financed without bankers and will create jobs right here – what a concept. My updates will be very short, but I’ll at least get a Daily Thread started for everyone before I set off in the morning. Hope everyone has a great week, and hope that you all got real because the new new economy is running on empty…