I happened to see this remark in SlopeTalk from our friend LZ:

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The Fed Kabuki theatre has just started, so this will be quick. Powell’s prepared remarks obviously aren’t exciting our bullish friends.

The nauseating strength the market has shown since October 13th is well expressed by an industry that is running headlong into disaster: real estate. The ETF for this, IYR, has been a persistent favorite of mine, and price action is now butting right up against important resistance.

I’ve got to say, I’ve never seen a car maker announce such frequent price changes. It seems that the list price for Tesla cars moves with as much frequency as its equity value. I don’t think this is good for business. Why would someone want to buy a car and have no idea if it’s suddenly going to cost thousands less the next week? Tesla is creating their own deflationary price environment, complete with the uncertainty that always causes the human consumer.
