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Waiting To Exhale

As we pen this brief, equity markets deliberate near term direction as they levitate from a hyper-thrust of massive (save our monopolies) intervention in tandem with a crumbling currency.

Share prices are attempting to recover from what is without doubt, an outright failure of long-term fundamentals and stewardship by every practical measure.

Stock markets cling to coveted reactionary gains from the very precipice, deciding fatefully, whether the blind masses harbor enough denial or hubris to print yet another series of fresh highs in June. Perhaps they will, and perhaps they will not.

In our view, it matters not if share prices continue higher from here, but rather what equities can do after they commensurately exhale from the massive ingestion of a crack cocaine-like induced rally.

Dutifully administered by the ponzi, debt-dealing masters of the universe, who believe they can continue to rule the world with a worthless reserve debt-based currency, only due course and time will tell if this historic injection of hyper-debt will prove to be the one of fatal overdose.

To their diabolic credit, they have been here before (sort of), and always seem to prevail in the end. After all, the powers of mass denial are the building blocks of bubbles and manias. So long as frightened patients are still breathing, the doctors of debt will medicate them with steady doses of stimuli until they start believing that the good sensations are real and the good old days are back.

Though our masters have been here before, they have never had to bare such extreme burdens, which manifested from a cumulative, immense, and outright systemic FAILURE that occurred in very recent history. In light of this, one might argue with merit that perhaps this time is different, and all they will be doing is repeatedly injecting stimuli into mountain after mountain of lifeless corpses.

It is likely that the enormity of this resuscitation attempt parallels to an intense defibrillation effort to shock a dead victim back to life. In this respect, as represented by the V-spike equity rally, they have temporarily succeeded in getting a robust heartbeat. Not even our masters know if the patient will be dead or alive once the effects of this initial shock wear off. Further widespread brain damage is inevitable.

With the nuclear charge of a trillion dollar debt-laden pulse, the coma induced patient remains on full life support, reeling with a sense of blind euphoria from the spine-tapping epidural effects of a high velocity speedball stimulus, partly derived from a collapsing currency of little or no intrinsic worth.

The most vexing concept associated with this analogous tale of intrigue, is that it remains disturbingly plausible that with continued administration of these hyper-nuclear drugs, they might just give this otherwise very dead patient, a very real impression that they are still alive and well.

The gravity of such distortions carries the outlandish possibility of eventually delivering a hallucinogenic denial-induced rally taking equities back up toward their 2007 highs. There, we said it. As morbid as it is, until we are able to record (or admit) a time of death, so long as we remain open to constant rule changes and creative innovation, anything can happen by the hand of the wonderful wizards of Wall Street and Washington.

With that, we'll close with a few words on the markets and be on our way...

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