leaving the forest
market vibes
October 25 … )
Everyone needs to believe in something when they step into the booth.
In the news
Modest expectations for bespoke data this morning, exquisitely contrived by private and official sources to affirm a steady economy able to grow at a robust pace and enjoy lower inflation. Employment is expected to decline, consumption to rise and… prices to fall.
UBS joins the bankers' boom with a Q 3 earnings report that came in 100% above estimates. Damn it's good to be a bank.
The Yankees are down 3-1 in the series. According to past history of the 24 teams that had fallen behind 3-0, 21 went on to lose Game 4. The Yanks are the first to win a 3-0 game since 1970. A lot of teams have been down 3-1 and still won the series. NY is still very much alive. I can’t guess what the price of field seats for games 6 & 7 in LA will be. Status and scarcity are among the truest measures of Inflation.
David Einhorn opined last week, “The only prediction I’m going to make about the election is it will be held on November 5.” No wonder he is so successful.
In the markets
NDX futures are starting the NY session with typical tepid pro-trend behavior. Prices are grinding up in the absence of any fomo or froth. It is just happening as usual to the usual names.
@SamanthaLaDuc Said this on X this morning: “There is a perfect correlation of tech stock VALUATIONS with the inverted Yen - per BCA: "borrowing in yen at deeply negative real rates has fueled the latest inflation in US tech valuations - post 2022.”
An intriguing chart and an insightful post. No wonder Trump never comments on the stock market. Let’s check it out
