Back in July I wrote the following article titled “Just Keep On Dancing?” And In it I stated the following. To wit:
“If there was ever any doubt that the “markets” are nothing more than a HFT (high frequency trading) cesspool of central bank funded front-running; today is that day when all doubt has been erased.
Whether or not one accepts that fact is a choice they have to make for themselves. Only you can decide how long you want to “dance,” as there seems to still be music playing in the casino ballroom.”
Since then the “markets” have (reminiscent of 2015) made headlines of “new lifetime highs” screamed by financial pundits everywhere extolling the virtue of today’s stock markets. Yes, every tick or move higher was praised as coming directly from the “earnings beats” produced by today’s balance sheet engineers.
Who needs fundamentals (you know, like more sales and such) when you can state before the earnings season you’re going to sell a gazillion dollars worth of product. Then, by the time you need to show those numbers, you have reduced it from “a gazillion” to about a dozen, where you’ll now proclaim you sold 13 “beating” your now stated, although lowered, target. Yet, it still offers up the headline “beat” for the next in rotation fund managers to proclaim across their willingly and reflexively repeating media outlets.
For that’s all that matters. Rinse, repeat.
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