False optimism is the new religion. Today's Kool-Aid dispensing cult leaders of denial are its false prophets...
As far as doom porn it doesn't get any better than this summer from climate change hell. It's a denialist paradise. The same people who have decided they are more intelligent than the entire healthcare profession are likewise ignoring the worst wildfires and droughts in history while partying like it's 1929 in the summer of COVID liberation.
Things are so bad on the environment I am not sure whether to continue blaming the hairless monkey or blame God for creating such a miscreant species. I'm on the fence right now. Until I see this Roman Circus explode in every direction, my faith will be tested.
From the center view I take exception with both the left and the right for their own uniquely selfish view of this bastardized economy. Help wanted signs abound in blue states and red states alike, giving lie to the alt-right view that Biden's unemployment program - now defunct in all red states is at the center of this unemployment disaster. There are many reasons that the underpaid and overworked hospitality sector is now struggling to meet the needs of a country on vacation, not the least of which is the fact that foreign workers still have not been able to return to this country. It's a year without Mexicans and come to find out the problem isn't that they are "taking all the jobs", the problem is that they aren't taking ANY jobs. And that is a recipe for disaster for the true believers in this system of mass exploitation. Why? Because $15 per hour which was once viewed as a generous minimum wage for foreign born immigrants is now looking like the poverty-inducing stipend it represents to the U.S.-born population. Certainly in no way enough to entice the millions off the sidelines from their newfound COVID-induced "retirement".
It gets worse, because now the work-from-home liberals are using this Delta variant as an excuse to NEVER return to the office, as company after company now moves back their planned office re-opening. Stay tuned for future events because CNN will ratchet up the COVID pandemonium to meet the needs of their pampered work from home audience who require validation for their self-serving virus hysteria.
I have to come down on the side of commonsense on this matter of perpetual hysteria. Would this continuing "crisis" really exist if the economic impacts were falling upon all parts of society equally? If the 401k monetary hyper bubble millionaires counting their riches from home were equally impacted by this ongoing saga, would they be so willing to throw the economy under the bus? Of course not. They love the virtual economy.
Which is why all signs point back to the Grand Casino, because until it explodes, no one will be on the same page. And instead we will have this denialist paradise which is now human history's biggest global Ponzi scheme. And linked to it is a massively leveraged way of life that has the carbon footprint of an extinction level event.
Which gets us back to markets. Last week, lost amid all of the FOMC hoopla, all of the economic data came in weaker than expected. Which is why this week bond yields are beginning to roll over again:
Picture this chart in a global RISK OFF scenario:
Banks are carving out the same top as last year, pre-pandemic:
Last week's new S&P high was attended by a miniscule number of NYSE new highs:
There were two Hindenburg Omens on the Nasdaq in the past six trading days (Fri. June 23rd, and Mon. June 26th). Here we see Nasdaq breadth is three wave corrective:
In summary, this is an extinction level event for true believers in bullshit.
