Wacky reversals in BTC and SPX this morning.
This suggests DaScumballs are working mighty hard to distribute the openings so far in 2025. They got some apparently phony lift on Friday and Monday, but the weakness since Monday’s mid-morning top may be more indicative of the stock market’s true demeanor.
The bullish effect of Trump’s every utterance has worn off, and it may not be until inauguration day on January 20 that there is enough feel-good recklessness to fuel a decent short squeeze.
The huge fire in Southern California could develop into the Disaster of the Decade, but that is the kind of news Wall Street invariably treats as bullish, just as they would a mushroom cloud billowing over Pittsburgh. Think of all the capital spending it will take to rebuild!
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