“He who does not bellow the truth when he knows the truth makes himself the accomplice of liars and forgers.”
Charles Peguy
The Tech stock bubble was hit by selling on higher than usual volume today, leading the NDX lower by almost a full percent.
The SP 500 finished up unchanged.
But the Dow Industrials closed higher at a new record, led by those industrial titans like JP Morgan, Goldman Sachs, American Express, United Healthcare, Pfizer, Disney and Verizon.
The pundits had trouble getting their stories straight today, as some went with a ‘risk on’ interpretation, since Treasuries and precious metals got hit.
But that was hard to square up with the rising VIX, and the minor bloodbath in the tech darlings.
It seemed to me that there was a rotation going on, from the favored to the downtrodden stocks. Although even that is a bit thin, since some of the sectors getting a boost are clearly the beneficiaries of the Trump campaign to stock picking on Wall Street and let the good times roll in big healthcare, big networks, and the other monopolists.
The speculation is on the Republican ‘tax reform’ which is pretty much a tax break for the wealthiest few.
There is nothing more remarkablethan a New York liar. They are a breed by themselves. The bigger the whopper, the more strident their insistence that they are above all approach, and are virtual fountains of virtue and reform. If their claims are proven false, they will never, ever admit that they were wrong.They will double down with even more brazen whoppers.Whatever they do is the best, and you will just love them for the good things they are going to do for you.
Have a pleasant evening.
