Good morning & happy Irrational Exuberance Day! Yesterday metals soared (gold'n'silver now at $1,216.55 and $17.24) while stock indexes ended flat in mixed volume --but today futures traders are seeing advances of +0.48% in stock indexes and +0.17% for metals. Like, what could possibly happen with these announcements:
8:30 AM Initial Claims
8:30 AM Continuing Claims
8:30 AM PPI
8:30 AM Core PPI
10:30 AM Natural Gas Inventories
Alan is pining for the days when everyone hung on his every word. Back when he gave those eloquent oratories that nobody really understood but they sounded smart. May as well had Bob Dylan delivering them.
I’ve posted about this before.
Years ago when Greenspam was in power and muttered his bs, a good friend who had been a CFO for a couple of major companies and local companies as well as teaching accounting and economics besides being on the board of non profits with me would call me after Lord Greenspam made one of his bs utterances.
My friends remark was the same each time.
“Did you understand what Lord Greenspam just said?”
My answer each time was no!
If Greenspam was talking in code, we as former ASA and NSG vets failed to crack the code.
So we concluded that Lord Greenspam was bsing Americans whenever he mumbled his bs mutterings.
Lord Greenspam is still uttering his bs!
Time to make Tom Brady the Fed Chairman; he has a HOLD on Inflation and Deflation, and understands the financial consequences of both....