September 23…)
“Many more cuts likely needed over the next year.” Goolsbee.
The NY session was one of the most boring low volume days in many weeks despite a lot of huffing and puffing from influencers on X. Imo, the big-boy rate cut was actually a dud. And the quad witch was another total bomb. Four and a half trillion went off worthless in a pump no-dump. If they keep this up, they’re going kill goose.
S&P Eminis took a day off.
Crude was unresponsive to some fairly hot war news coming out of Lebanon.
BCOM was strong again, ags carrying the weight this time. Metals were mixed. Gold made another slo-mo ATH. The nice thing about being long an index, you’re rooting for a team not a star.
On the wires today Bostic and Goolsbee with more promises of better days. A heavy slate of FOMC drone-a-thons right through the week. I guess they get paid for these.
My vibe
I was thinking about the rate cut hype today and Clara, the old gal hawking Burger King back in the 80’s showing an open bun with a poker chip sized patty lost in the middle of it demanding, “Where’s the beef!?” Goolsbee’s right if today is any indication. We’re going to need many more cuts.
For excitement I closed the pool for the winter this afternoon.
Good luck in Asia!
JJ
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I might be the only other one here old enough to remember Clara. She was working for Wendy's though. Not Burger King. The commercial is still on youtube for any who have no idea where "where's the beef" really came from.