Fleckenstein
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Often wrong, never in doubt. – Bill Fleckenstein

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Q: My bank statement reminded me the other day about my renewal for Fleck. Today's Rap reminded me why. What a great rap, seriously.

Q: Fleck,

I cant remember having a selloff of this magnitude where gold didnt participate and TLT didnt participate more. Does the market feel like the Fed won't blink? Or is there something bigger going on, ie China and Russia selling treasuries to put the pain to us through a stronger dollar?

Q: Hi Bill,

The downside looks ripe but as noted this week some savvy investors expect a US stock market meltup which is possible if tricky Trump and China decide more trade is better than less. Trump is known for making sharp turns and he may take the political prize holding up some agreement showing MORE trade for US products and services.

Perhaps prudent to wait longer to see what trade wars, or parties, start to develop?

Q: Bill, to add a comment to your Friday piece in the improving set up on the short side and the mention on Fed withdrawing liquidity, beginning in July it will be the first time in years that the combined QE from the Fed and ECB will go negative. In Q3 the Fed will extract $120b while the ECB will add about $105b. That differential of course gets much bigger in Q4 as QT goes to $150b and ECB is only adding about $50b.

Q: LPK up 15% today on TSXV and insiders buying above current price:

Lupaka Gold Corp. (V:LPK)

Best