Happy new week, everyone. Let us celebrate that we don’t have to deal with a mandatory three-day weekend for – – errr – – well, I guess just a couple of weeks. Sheesh, let’s face it, there are WAY too many holidays for our own good.
Well, the news isn’t all bad.
To someone of my disposition, the guy above is basically in the same league as Pol Pot, yet he lived an exceptionally long and prosperous life. Fun fact: the U.S. debt was just over $2 trillion when he began his work as “maestro” for the Federal Reserve. It is twenty times higher today.
Anyway.
The permanent Fed floor continues to work its magic, as what looked like a handsome sell-off Sunday night has been completely eradicated. Every single stock future is green, such as the /ES below, and at or near lifetime highs. Again.
Leading the charge, as has been the case for longer than I remember, is semiconductors. The New York Times yesterday had a story about the young adults in South Korea that plowed every penny they have into stock trading, even though some admitted they knew nothing about it. The semi bubble is shouting itself hoarse, yet it keeps lunging higher.
I can wait.
As for the other mania, SpaceX, the bloom care off that rose awfully fast. It has shed about 25% of its post-IPO peak value, although it remains well above its offering price.
Longer-term, Hormuz or no Hormuz, it seems to me that at some point soon the selling is going to stick. The /ES, shown below, has the potential for a truly attention-getting selloff this summer.
