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"You Will Receive Total Consciousness"

Daily Rap 03-17-2017

The market spent the first couple of hours slightly in the red, but the decline was of no consequence. In the afternoon, the indices crept slightly into the green before flopping around and closing basically unchanged. Away from stocks, green paper was mixed, oil was flat, and bonds were higher, as were the metals (just a little).

"How About a Little Something, You Know, For the Effort" Sad to say, today was another where not much happened, but as long as the equity market continues to stall there is reason to continue to believe that maybe we are in the process of exhausting the upside. To paraphrase the immortal words of Bushwood Country Club's groundskeeper, Carl Spackler, "So we got that going for us. Which is nice."

Last year's posts for Ask Fleck

Q: Markets all rally on Fed rate hike (which has been a "known") for several weeks. Obviously a non-event (unless you were short, thinking it might be bearish). Rates still at absurd levels with so-called "dots" suggesting nothing higher than 3% "forever". Therefore, no squeeze EVER from higher rates, thus, the LEVEL doesn't matter. The only thing that matters is the "fact" that the Fed will never interrupt a bull market and therefore, "stone-age" concepts of "value" have become irrelevant in the brave new world of millennial driven, robot guided "professional" investment management. The "New Era" has dawned.

With that sort of "logic" applied to yet another gathering short squeeze, maybe we will get that 2700 SPX print by the end of March, after all. Ain't life grand?

Fleck: My reply to Mr. Skin's tongue-in-cheek comment "or maybe the damn thing will fail" is "MAYBE??? :)"
(posted: 3/16/2017)

Q: Hi Bill,
Have there been any court cases challenging the tax rate on PMs? If not why? To tax PMs at a higher rate than any other investment is unfair taxation.

Fleck: I have no idea if there have been or not.
(posted: 3/16/2017)

Q: "Following Is from Jim Cramer, do you think he is someone people should listen to?" Your response was admirably restrained. Perhaps the question should be asked to the people who bought Lehman on his recommendation the day before they filed for bankruptcy.

Fleck: He has a history of getting caught badly by bear markets, but give him credit for riding the bull market.
(posted: 3/16/2017)

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