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Sell The News (Sorta)?

Daily Rap 01-15-2020

The market revved higher, gaining about 0.5% in front of the signing of phase one of the trade deal. It will be interesting to see exactly what's in it such that one can actually comment on whether it comes anywhere close to matching the hype associated with it. I'll definitely be taking the "under," but I'd like to see the deal first.

Post the "big news," nothing happened except some leakage (as the market sort of acted like a real market for a change and finally sold the news it had discounted about 100 times). By day's end the market was flat to slightly green, though beneath the surface some stocks were roughed up a little.

Away from stocks, green paper was a bit weaker, fixed income was a tad higher, and the metals gained ground, with silver...more

Last year's posts for Ask Fleck

Q: Demetri does a great podcast. This one with Jim Grant:

Hidden Forces Podcast

Fleck: OK, thanks.
(posted: 1/14/2020)

Q: Hi Fleck,

Thanks for the opportunity. Succinct depth, subtle hilarity, a clear articulation of the recent two past bubbles compared to the multi-asset bubble of today; your new Real Vision interview is a true classic. It will be recognized as such, and is much appreciated. Thank-you.

Fleck: Wow, I'm glad you thought it was so useful, thanks.
(posted: 1/14/2020)

Q: Have you heard of Hycroft Mining? My brother who is not quite the goldbug I am brought it to my attention because it was recently acquired by a SPAC vehicle called MUDS and will be brought onto the Nasdaq exchange from being OTC.

My brother was speaking very highly of the entrepreneur/investor Mudrick who apparently also took over an e-cigarette company out of bankruptcy after Juul exploded in value.

Clearly a positive sign that someone who doesn't specialize in metals is entering the space, but if you know anything about the project I'd be curious to know your thoughts!

Fleck: I hate SPACs, and while this idea may work, it has all the fingerprints of a promotion. I'd look into it very, very thoroughly if you are serious about it.
(posted: 1/14/2020)

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The bottom's in...