That's what my grandson says when things don't go his way which is generally all the time because he's eight. That's the way I felt this morning when the consumer confidence number came in at 126 which hasn't been seen around these climes since Trump was in short pants, followed shortly there after by manufacturing which was up, the Ford Motor Company announcing further U. S. expansion and the equity markets which surged on the news leading to a closing number on the DOW of up 150. Sure enough. Stan Fisher pops up to express the view that things are looking pretty good and yes, there will be two more increases this year. Trump then trashed a couple of more Obama self-made laws with the stroke of HIS PEN and needless to say, the 10 year closed at 2.43%; everything to which I had alluded yesterday was out the window. How dumb do I feel cannot be described here.
Well not everything. In trying to save face let's classify all of e above as "event risk" and the ol' blog don't look so bad. It may not be reflected in the statistics gang, but the vol in these markets is way up there...perhaps not in manner as measured today but as we old guys understood it way back in the past century--and more so--where if the right guy in London caught a cold everybody started sneezing. The other thing is that at this little precise moment in time we are not getting much warning from standard sources as to trending events as the media seems to be totally obsessed with anything that might in any way lead to Trump's impeachment a very little as to what the hell is going on in the world. Yes, you are right: me too. We are too much into the guy from either one side or the other...or no side for that matter. Time to start getting real.
What today's events do point out, however, is that the economic mood of this country, despite the presence of THIS President has changed to a far more bullish outlook which is not just limited to the Fly-Over Zone. And you have to give the guy credit: he appears unfazed by anything. I have to be honest and admit that I am enjoying it. Never a dull moment as is said. Tax policy seems to be next on the turn table waiting for a spin and there was even some pointed talk today in some circles about having a go at Dodd/Frank which would be a very good thing indeed. Forget about the EPA and coal; that's a side show the issues involved to be settled by the market and the future--at least with $3.00 gas--appears relatively clear. If the optimism out there proves correct, fixing the financial infrastructure of this country will be far, far more important...and that also includes getting a handle on such things as the so-called "shadow banking system" which has grown like Topsy in the past ten years. A big part of the "fix" is finally getting the regulatory piece right. What the heck. We'll never get a better chance
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