Just don’t look behind the curtain at the little man pulling monetary levers who just happens to be
conspiring meeting again this week with his fellows and lady fellows.
It’s bananas for all. Enjoy it while it presents itself as prosperity.
The US dollar index is on the Dirt Nap Express, gulping its way toward what I had viewed as longer-term objectives (much like Silver in the opposite direction).
Here is a monthly view of Uncle Buck with respect to support levels around 92 and 88 and the projected Fib retracements of its entire cyclical bull market.
What’s going on now in the macro has a life of its own. It’s called animal spirits, as all the come-lately bulls rush into precious metals and the reflation trades and sell dollars to do it. I think we are ending something but I’m damned if I know on what day or at what levels (down for USD, up for anti-USD assets) it will end.
So play it as you will. Have a banana, and enjoy the ride downward, America. Don’t believe the president (lower case ‘p’) who boasts about the economy. Don’t believe the Fed Chief who pretends this is all normal in the age of Modern Monetary Theory (MMT), an academic sounding way of rationalizing this mess. It is actually TMM, Total Market Manipulation.
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