Bear Markets Ain't Easy (Video)

Dear Clients,

Today's video commentary is more encompassing, and therefore longer, than most, but these are unusual times, and we are, therefore, taking unusual measures within your portfolios.

Bonus Quote of the Day: No Bluffing on Brexit? maybe...

Stocks spiked to the highs they're presently holding this morning on this headline:

Quote of the Day: Remember that Brexit volatility? If not, you may shortly...

Switching topics for a minute; remember all that Brexit volatility of 2016? Well, we're within weeks of potentially revisiting it.

This Week's Message: Near-Term Setup and Longer-Term Possibilities (video)

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust: 

The Undying Faith in Central Banks

If you're wondering what's holding up the longest bull market in history amid what in my view is a steadily deteriorating backdrop, as the 1-minute clip below demonstrates, it's an amazing, and undying (until, that is, it's too late) faith in the power of central banks.



Well, while I respect the gentleman's opinion, that's not my take. 

Interest rates are unequivocally not the problem, and lowering them here will not inspire fundamental economic growth. And the notion that if they're going to fall that "you push the cycle out further" is the definition of cherry-picking history. 

Lots Of Damage To Repair Before We Get Bullish Again!

Take a look at the S&P 500 futures contract action from yesterday's close to now (10 minutes before the open):

Quote of the Day: China's Now Playing Offense

Clearly, China is now playing offense.

Here's from Hu Xijin, editor and chief of the state-owned Global Times on Twitter this morning: