Henceforth this may be called Red Friday. June lows fell, but now trying to bounce a bit and kiss the lows again.
While our lookahead allows for a modeled rally after today, the larger picture remains 50-shades of grim.
About the only other counsel worth keeping is my consigliere, some colleagues I’ve worked on theory with in the past, and Mohamed A. El-Erian (Mohamed A. El-Erian (@elerianm) / Twitter) who has one of the best “economics bullshit filters” of any human on Earth, as we see it.
If you’re not reading PN or at least minimally tracking El-Erian’s feed) we have to ask whether you sing in the Biden “No Recession” choir or are you and understudy of Hecklefish Moriarty??
Well, been telling you… Kids never listen, though. Just the grownups.
Write when you get rich,