Quick Note on Market Manipulation

Dan posted an old video in our research chat this morning featuring an ex-hedge fund manager explaining how he, and others, used to manipulate the market for their own short-term benefit (the "others" of course still do).

Macro Update: Inflation, maybe?

We've given you lots to digest herein this wild week, so I'll keep our macro update light on words and heavy on visuals.

Morning Note: Twist to Fit

If, like a lot of folks, the GameStop story has you intrigued, and you happened to have missed this week's main message, give it a look, in it you'll find my take. News this morning is that it very much has the attention of the SEC.

Morning Note: The Unexpectable

"Coming sure and fast, that profit of millions! But it never reached me. No; it wasn’t side-tracked by a sudden change in conditions. The market did not experience an abrupt reversal of form. Coffee did not pour into the country. What happened? The unexpectable! What had never happened in anybody’s experience; what I therefore had no reason to guard against. I added a new one to the long list of hazards of speculation that I must always keep before me. It was simply that the fellows who had sold me the coffee, the shorts, knew what was in store for them, and in their efforts to squirm out of the position into which they had sold themselves, devised a new way of welshing. They rushed to Washington for help, and got it."

--Jesse Livermore, circa 1923 

This Week's Message: Too Much of a Good Thing -- And -- Explaining GameStop

I recall 1999 like it was yesterday... Experiences that engender the most visceral sensations tend to remain prominent in one's psyche.

Morning Note: The Problem With the Charts vs The Fundamentals

Today's Fed announcement will be interesting.

As I wrote recently, while it's no secret that the U.S. Central Bank is ultra-sensitive to the stock market, they've lately been receiving some much-deserved, and inexcusably-overdue heat over blowing up the greatest equity market bubble in nearly a century.

Morning Note: "conventional wisdom had nothing to do with the truth"

Yes yes, new day, same 2021 story. If you missed yesterday's charts of the day, please go there now and I won't belabor the sector breadth issue here.