Markets Climb a Wall of Worry Not a Wall of Insanity
It was not a good day to be any Michael Cohen on Twitter. This Michael Cohen (covers the Green Bay Packers) made me laugh when he tweeted this:
The Michael Cohen raid was summed up well at law blog Popehat
I prefer to watch right now as the markets decide if this is a wall of worry or a wall of insanity. Either way I am sure it will be a ‘beautiful and bigly’ wall.
Speaking of ‘walls’, Ben Hunt at Epsilon Theorey had this gem:
Does the Fed have our back? No, they do not. They’ve told us and told us that they’re going to keep raising rates. And they will. The market still doesn’t fully believe them, and that’s going to be a constant source of market disappointment over the next few years. In the same way that markets go up as they climb a wall of worry, so do markets go down as they descend a wall of hope. The belief that central bankers care more about the stock market than the price stability of money is that wall of hope. It’s a forlorn hope.
As for the new pesky volatility in the markets…
My friend Urban who writes at ‘The Fat Pitch’ has an interesting take on how the ‘professionals’ are now pricing in volatility as a foregone conclusion. It usually means calmer markets are around the corner.
Originally published at Howard Lindzon.