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What Were They Thinking?

Daily Rap 11-17-2017

The early going saw the indices slightly lower in a bit of a hangover after yesterday's party apparently celebrating the House passing its version of the tax bill. On that score, what we ultimately end up with remains to be seen, because we don't know what is going to happen once the Senate passes something and they try to reconcile the two bills. But for the moment, any potential disappointment is essentially ignored.

After the early slight peek into negative territory, the market flopped around while leaking a bit more and closed with the tiny losses you see in the box scores. Away from stocks, green paper was weaker, oil bounced 3%, fixed income was higher, and the metals popped for a change (and for no reason), with silver and gold gaining...more

Last year's posts for Ask Fleck

Q: Another great CNBC headline from today (Thursday):

“Rally on! Here’s why the stock market has at least another 10 percent to go...”

Ps. Regarding Cramers “buy the dip” headline from yesterday...
Cramer, moron that he is, was cheerleading the market right up until it crashed in 2007. Then the idiot went on a rant blaming the problem on a Fed that “know’s nothing” and claimed credit for providing the catalyst that made them step to prop up the market.

Fleck: I am aware of all of those antics, but it is what it is.
(posted: 11/17/2017)

Q: Bill, just an observation regarding bitcoin/alt-coin mania. While I am all for any type of new innovation that the government cant control I have not partaken in any type of speculation. I think the frustration in alt-coins is that this is what we expected gold and silver to do during this era of fed drunkeness. The bit coin chart *should* be what the gold chart looks like

Fleck: Yes, I agree about that.
(posted: 11/17/2017)

Q: Maybe a side-note, but kind of puts the exclamation point on it.

The argument here is that Salvator Mundi has been so heavily restored that barely 10% of the original painting survives — and that it was never even by Leonardo da Vinci in the first place. “I’ve looked at art for almost 50 years and one look at this painting tells me it’s no Leonardo. The painting is absolutely dead. Its surface is inert, varnished, lurid, scrubbed over, and repainted so many times that it looks simultaneously new and old. A two-dimensional ersatz dashboard Jesus”

Christie’s Is Selling This Painting for $100 Million. They Say It’s by Leonardo. I Have Doubts. Big Doubts.

So, $450 million for a substandard and maybe not even authentic Da Vinci. Got to admit, the ending tag-lines above could be used to describe the state of the central banks too. Perhaps this is the bell at the top. Would be fitting....

Fleck: Yeah, it would be. It just shows how worthless money has become for some.
(posted: 11/17/2017)

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