Let Them Eat Cars
Dumb or gaslighting? It's honestly difficult to tell sometimes with everyone's favorite economist. And a look at some market moves on this Friday the 13th.
In case you missed it, the September CPI did end up coming in slightly hotter than estimated yesterday. Shocker!
Following that print, treasury yields ripped again after having cooled a bit prior in the week. The real inflation-related fireworks though didn’t come from the market. No. For the latest proof that the important elites truly do hate us, take a gander at this doozy of a chart from Twitter X:
Caption with the chart:
The war on inflation is over. We won, at very little cost
Gee, if I didn’t know any better, I’d say CPI without food, energy, shelter, and used cars might be a completely meaningless measurement. Like, I didn’t gain 5 pounds this summer. Measure my weight excluding ice cream, pizza, and Yuenglings consumed between June and September and I actually lost weight! Doc is gonna be thrilled.
Of course, those of us who don’t live in ivory towers with our Nobel prizes for economic illiteracy have to live in the real world. And in the real world, we still have to absorb price increases in the things that we actually need to survive. You know, like food. Or energy. Or shelter.
Paul Krugman might be a horrible economist and a charlatan but he’s not actually this stupid. He just thinks you are. The comment section gave him the business and deservedly so.
Market Moves
With the caveat that I’m distributing this post during market hours and the way things close could ultimately look very different, Friday is off to a really wild start. My investment focus area is obviously Crypto, Gold, and some of the more unloved dividend paying stocks. But today, it’s all about that yellow metal for me:
This is a banger 2.4% candle in Gold today and if you look at the lines I’ve drawn, we are right at resistance. I am personally not selling this rip. I think there is a very strong chance we get a breakout of this resistance and in the event that happens, Gold is probably going to take out highs and keep going. The macro backdrop is there. And if yields come down while inflation remains above 3% (officially), Gold keeps going. Again, this is all my non-professional opinion. It’s just how I see it.
Stonks have a similar pattern but are much less convincing. We’re still below yesterday’s high in the S&P 500. And so far, the morning rip has been sold off. It’ll be interesting to see where this closes today. Here is what I have personally done in what has been another fairly active week in the HSEP:
Keep reading with a 7-day free trial
Subscribe to Heretic Speculator to keep reading this post and get 7 days of free access to the full post archives.