Sunday, July 31, 2016

New Gold Position

I've been a miner
For a heart of gold
--Neil Young

Took a starter position in New Gold Inc (NGD) early last week. Nice looking cup-and-handle appeared to be forming.

After its earnings report, stock has broken thru resistance. Will look to add on a pullback close to that former resistance-turned-support at $5ish.

position in NGD

Saturday, July 30, 2016

Nationalism, Globalism, and Statism

All for freedom and for pleasure
Nothing ever lasts forever
Everybody wants to rule the world
--Tears for Fears

In the political context, nationalism is a policy of treating one's own country as the proper sphere of political influence. It is marked by shared feelings of of superiority over other countries and actions to preserve what is perceived to be the country's collective culture and interests. An expression of nationalism is protectionism in its various forms, such as tariffs, immigration restraints, and wars justified by some form of purported national interest.

Globalism, on the other hand, is a policy of treating the entire world as the proper sphere of political influence. It is marked by efforts to subordinate feelings about native country in favor of the collective interests of all people. An expression of globalism is expropriation of economic resources to support initiatives alongside other countries, such as humanitarian efforts like global warming or even shared military causes.

Both nationalism and globalism are forms of statism (a.k.a. socialism) as their associated policies must be enforced by the strong arm of government. Stated differently, neither of these are natural states of man, because they require offensive force to enact. The only question involves the scope of government force. Does government-sponsored aggression stop at a country's borders? Or does it extend across the planet?

Currently it seems that the two major political party platforms are being built with either nationalist or globalist planks.

Friday, July 29, 2016

Media and Political Disclosure

"A journalist makes himself the hero of the story. A reporter is only a witness."
--Jim Cleary (Deadline U.S.A.)

Why don't contributors to political media regularly reveal their political party, voting affiliations, campaign contributions, etc up front when presenting a story? An article would certainly be more accurately interpreted--particularly to 'low information' consumers--as consumers would be alert to misleading statements, incomplete analysis, and potential biases showing thru from the writer.

Particularly with 'journalists' that claim to be objective, then they should have not problem revealing their political leanings up front. Honest and open.

Full disclosure is not something most journalists would look forward to.

Thursday, July 28, 2016

From Bad to Great

"Is there anything more indecent than the human smile? All those predatory teeth reminding us of our animal descent."
--William Russell (The Best Man)

In politics, things are always terrible when the other party controls things. Once your party is in charge, then you MUST say that things are better, not worse.

A candidate for president from the same political party as the sitting president cannot say that things are bad, as that would be a slap in the face of the sitting president and the party itself.

Instead, that person will smile and say that things are downright great and that, if you vote for me, then things will remain great.

Wednesday, July 27, 2016

Black Votes Matter

"And, Lenny, you would have saved the lives of millions of registered voters."
--Dr Peter Venkman (Ghostbusters)

Thomas Sowell observes that Democrats must pander to the fears, anger, and resentment of blacks in order to secure enough votes to win a presidential election. Should more than 10% of blacks turn their hats around and vote Republican or third party--or merely stay at home, then the likelihood of a Democratic victory declines appreciably.

Thus Democrats trot out the racism and victimhood cards, and the race baiting charlatans that promote them. Prof Williams notes (and Prof Sowell) that, while few would argue that racial discrimination exists, it is difficult to persuasively argue that racism is worse today than a few decades ago. It does not satisfactorily explain the deteriorating socioeconomic condition experienced by blacks over this period.

A more straightforward explanation of the plight of blacks involves destructive public policies, or what some have termed structural statism. Sowell and Williams posit that policies such as those related to welfare benefits and minimum wage laws explain socioeconomic trends among blacks in a straightforward manner--and in a manner that was predictable back when 'Great Society' and related legislation was enacted.

In fact, true 'institutional racism' can be seen in the policies promoted and implemented by Democrats that subsidize unproductive behavior and increase state dependency among blacks. These policies amount to bigotry that restrains the progress of a particular people.

If Democratic leaders were intellectually honest, then they would engage in a discussion of 'What else could it be?' What other factors might be contributing to black socioeconomic problems more so than the 'institutional racism' card that we propose?

Of course, Democrats can't afford to go down this path as it would lead to truth and likely defection of millions of black voters.

Tuesday, July 26, 2016

Locus of Control

Benjamin Franklin Gates: Of all the ideas that became the United States, there's a line here that's at the heart of all the others. 'When in a long train of abuses and usurpations, pursuing invariably the same object, evinces a design to reduce them under absolute despotism, it is their right, it is their duty, to throw off such government, and provide new guards for their future security.
Riley Poole. Beautiful. I have no idea what you just said.
Benjamin Franklin Gates: It means that if there's something wrong, those who have the ability to take action have the responsibility to take action.
--National Treasure

Locus of control (Rotter, 1966) is a construct of personal psychology that considers the extent to which individuals believe that they can control events and outcomes affecting them.

People with strong internal locus of control believe that events in their life derive primarily from their own actions. They believe that hard work leads to positive personal outcomes. They believe that all actions have consequences, and that more control over those consequences depends on them.

People with strong external locus of control believe that their behavior and outcomes depends on environmental factors that cannot be influences, or by chance or fate. They tend to praise or blame others for their success and failures. They tend to be more subject to disease and stress than internally grounded people.

Bi-locals are individuals with mixtures of internal and external characteristics. Bi-locals can take personal responsibility for their actions while remaining open to depending and having faith in others.

I have seen several papers published in organizational research that feature locus of control as a main or control variables in studies of organizational behavior (leadership, supervision, etc.). What seems most interesting to me, however, is locus of control as an outcome variable--i.e., how a particular locus is acquired or how it might shift from one position to another over time.

Such studies might lend explanatory power to many social phenomena that we currently observe, including those related to trends in politics and candidate support.


Rotter, J.B. (1966). Generalized expectancies for internal versus external control of reinforcement. Psychological Monographs, 80(1): 1-28.

Monday, July 25, 2016

Card Sharks

Every gambler knows
That the secret to surviving
Is knowing what to throw away
And knowing what to keep
--Kenny Rogers

Central bankers are building the largest house of cards in the history of the world.

When the walls come tumbling down, claims will be made that the work in progress was difficult to see.

This claim will not hold water, as it failure to recognize this disaster in the making has been purely a matter of choice for those with capacity for reasoned thought.

Sunday, July 24, 2016


"You're better than anyone I ever had. And you're the best goddamned hitter I ever saw."
--Pop Fisher (The Natural)

Today Ken Griffey Jr goes into the Baseball Hall of Fame. The Natural in his prime may have been the greatest player to ever lace 'em up. A great visual tour of his career highlights can be seen here.

Like many others, I fondly recall his warehouse shot at the HR Derby in Baltimore in 1993. I marveled at his sweet swing, turned around cap, and easy demeanor. He was special.

My favorite personal memory, however, was during Junior's time with the Reds. It was late summer 2001 and I had scored a couple of box seat tickets game from my boss. My brother and I headed down to watch the Reds play the Cardinals at Cinergy Field, better known to me as Riverfront Stadium. Not having been to many Reds games recently, I was still getting used to the opened outfield look and real grass--modifications made in lieu of Great American Ballpark going up next door. I remember a young Albert Pujols hitting one far over the signs in dead center field early in the game.

The game went into extra innings. Junior came to bat in the bottom of the 11th with no one on. He connected on one to left center. Both the center and left fielders jumped against the fence for the ball but couldn't come up with it. I glanced at Griffey who, after rounding first, had briefly slowed thinking that the ball had either left the yard or had been caught. Once he saw that the ball was still in play and had caromed away from the outfielders, Junior turned on the jets. In our seats behind the bag, my brother and I waved him around like third base coaches once we saw he had a chance. He slid across home and popped up with arms held high and that patented grin on his face. We high fived as The Kid was mobbed at home plate.

My most exciting moment ever at a Reds game (and that's saying something). It was also Griffey's only career inside the park home run.

Hats off to Junior, another fellow Moe alum, and the only first pick of the MLB draft ever, to make it into the Hall of Fame.

Saturday, July 23, 2016

Dangerous Candidates

"That's right, Ice...Man, I am dangerous."
--Lt Pete "Maverick" Mitchell (Top Gun)

Loyalists from both the Republican and Democratic parties claim that the presidential candidate from the other party is the most dangerous candidate they have ever seen.

Both sides are right.

As state power grows, anyone who benefits from the strong arm of government has much to lose if someone takes charge with the intentions of changing the state's redistributive power. Because Republicans and Democrats both favor more state power, albeit for different (in many cases only slightly different) policy ends, then both sides will naturally feel threatened by the prospect of losing control of the resources sent their way strong armed agents.

The biggest threat, of course, would come from a candidate that promises to dismantle the state entirely, thereby collapsing the benefits enjoyed by either Republican or Democrat principals.

In such case, we would be sure to see establishment Republicans and Democrats unite to condemn that candidate in true 'the enemy of my enemy is my friend' fashion.

Friday, July 22, 2016

Still Not Confirming

Arrows of neon and flashing marquees out on Main Street
Chicago, New York, Detroit and it's all on the same street
Your typical city involved in a typical daydream
Hang it up and see what tomorrow brings
--Grateful Dead

Although the Dow Industrials have recently marked all time highs,

the Trannies are not confirming.

The late Richard Russell would surely be chirping about this persistent Dow Theory divergence.

position in SPX

Thursday, July 21, 2016

Political Rationalization

"It's a kingdom of conscience. Or nothing."
--Balian of Ibelin (Kingdom of Heaven)

Have always found it interesting to observe how people rationalize behavior related to politics that they would never engage in elsewhere.

"It's just the political sausage being made."

"The ends justify the means."

"We're doing it for the greater good."

"I know my party's candidate has major flaws, but the alternative candidate would be far worse."

Conscience is compromised. And things get worse.

Wednesday, July 20, 2016


Come together, right now
Over me
--The Beatles

When he was elected president, Barack Obama entered the Oval Office with a label of  being a great unifier. He would be The One to bring a divided people together. There can be little doubt that, eight years later, he has failed miserably on this front.

Nearly every time this man speaks, he says something that polarizes rather than unites. See, for instance, his recent speech at the funeral for the slain Dallas cops. 'Unity' to this president seems to mean compliance with his ideology.

Now, it can be argued that seeking high degrees of unity among a naturally diverse people all seeking to pursue unique interests is a fool's errand to begin with. Diversity naturally, and by definition, spawns disagreement and conflict. But those differences should be welcome as it is variation that fosters progress and adaptation. Order is not maintained forcibly by the strong arm of the state, but spontaneously by individuals who voluntarily cooperate with each other to better their conditions.

Nonetheless, no 'leadership coaches' that I know of would advise an executive seeking better cohesion in a group to go about it in a manner similar to this president.

Tuesday, July 19, 2016

Leavers Wall

We don't need no education
We don't need no thought control
No dark sarcasm in the classroom
Teachers leave them kids alone
--Pink Floyd

Interesting inside look at Brexit from a high school 'Leaver.' The progressive education strategy of suppressing speech and alternative views, particularly when those views are grounded in philosophy of freedom, is not just a US phenomenon.

There can be little doubt that The Wall has come alive.

And that it's going global.

Monday, July 18, 2016

Morality vs Utility

"If you take a law like evolution and you make it a crime to teach it in the public schools, tomorrow you can make it a crime to teach it in the private schools. And tomorrow you may make it a crime to read about it. And soon you may ban books and newspapers. And then you may turn Catholic against Protestant, and Protestant against Protestant, and try to foist your own religion upon the mind of man. If you can do one, you can do the other. Because fanaticism and ignorance are forever busy and need feeding. And soon, your honor, with banners flying and with drums beating we'll be marching backward, BACKWARD, through the glorious ages of that Sixteenth Century when bigots burned the man who dared bring enlightenment and intelligence to the human mind!"
--Henry Drummond (Inherit the Wind)

"Don't impose your morality on me," people often warn. Yet those same people rarely hesitate to impose their own versions of morality, be it religious or secular in nature, on others. Thus we have, for example, some seeking to force others to comply with their views of marriage. And we have some seeking to force their views of income leveling on others.

Here is the problem that many people do not seem to grasp. Durable law cannot be formed purely on the basis of morality. Why? Because there is no consensual view on earth about what is morally good.

Instead, the basis for durable law is utility. Utility in this case is the extent to which a law helps all advance their personal interests, whatever those interests and moral backgrounds may be. A law with high utility cannot be reasonably contested. No new 'contract' need be created with future generations who were not around when utilitarian law was created because it is readily apparent to all that it helps individuals move ahead.

There are few principles that form the basis for utilitarian law. In fact, I can only think of one: the principle of non-aggression. Individual interests can advance only when others do not forcibly interfere with other people's lives, wherewithal to produce, and the fruits of production (property).

Individual pursuits are best realized when others do not interfere. From a collective economic standpoint, non-aggression maximizes productivity and wealth creation that provides the basis for higher standard of living.

The principle of non-aggression is the universal code for durable law.

Sunday, July 17, 2016

Radical Whig Theory

"Why should I trade one tyrant 3000 miles away for three thousand tyrants one mile away? An elected legislature can trample a man's rights as easily as a king can."
--Benjamin Martin (The Patriot)

Prof Sarah Burns explains one of the ideological motivators of the American Revolution: Radical Whig Theory.  Radical Whig Theory posits that individuals in a free society must closely guard their liberty from government encroachment. Freedom is hard to obtain and easy to lose.

When liberty is compromised, then it is within the rights of individuals to throw off problematic government for a better design.

Jefferson, of course, incorporated these aspects of Radical Whig Theory into America's first law.

Saturday, July 16, 2016

Unity and Compliance

Come together
Right now
Over me
--The Beatles

Article suggests that when President Obama and others stress 'unity,' what they mean is not a nation of free people respecting an array of viewpoints and ideas. They mean a nation of diverse people who must accept, by force if necessary, a particular agenda.

Unity to progressives means compliance.

Friday, July 15, 2016

NIRP and Discounting

Slow change may pull us apart
When the light gets into your heart, baby
--Simple Minds

In a world of negative interest rate policy (NIRP), how can investors properly discount security prices--particularly yield-bearing instruments? If an investor 'needs' yield, then what price is too high to pay for yield when 'risk-free' rates are suppressed below zero?

My sense is that many are concluding (rationalizing) that no price is too high.

NIRP, it seems, has broken the discounting mechanism.

Thursday, July 14, 2016

Silver's Groove

And you can dance
For inspiration
Come on
I'm waiting

Nice looking silver chart. Behaving according to 'box theory,' with each move to a higher box accompanied by bursts in volume.

In what appears to be an emerging era of 'helicopter money,' white lightning and other precious metals are getting their groove on.

position in silver

Wednesday, July 13, 2016

What Else Could It Be?

Look around you
Look up here
Take time to make time
Make time to be there
--Little River Band

While preparing my doctoral dissertation for defense, I was discussing my core theoretical arguments with one of my committee advisers. "Interesting," he said, "but what are the plausible rival hypotheses?"


"If you want to be persuasive, you need to not only support your argument but anticipate and convincingly explain why other arguments don't hold here."

That was a valuable lesson for me.

In pursuit of truth, we often fall in love with a particular viewpoint. Sometimes it's the first one we are exposed to (a.k.a. "anchoring"). Sometimes it's one that fits a favored view of the world (a.k.a. "confirmation bias").

To get closer to the truth, a reasoning mind must ask, "What else could it be?" Opposing arguments must be collected and then thoroughly analyzed for their validity.

Unless those competing viewpoints are anticipated and disconfirmed in an intellectually honest manner, then systematic progress toward truth is unlikely, and viewpoints thought to be true are likely to be erroneous.

Tuesday, July 12, 2016

Monetary Terrorists

"My counsel says we were not aware of the extermination of the millions. He would give you the excuse: We were only aware of the extermination of the hundreds. Does that make us any less guilty? Maybe we didn't know the details. But if we didn't know, it means we didn't want to know."
--Ernst Janning (Judgment at Nuremberg)

David Stockman suggests that Ben Bernanke and other central bankers are among the most dangerous men walking the earth. There are few places that these purveyors of monetary ruin will not ultimately impact.

Unfortunately, because they don't shoulder rifles or explode bombs, central bankers are not perceived as dangerous. However, the consequences of central banker actions surely do amount to aggression against the human rights (also known as property rights) of others. Their reach far exceeds that of any recognized terrorist group on the planet.

It should be noted, however, that central bankers are not principal actors. Instead, they are agents--hired guns--contracted by others to act in their favor. Stated differently, central bankers would not exist without principals who want to hire muscle.

As Stockman concludes, "when all of this blows sky high it is to be hoped that the war crimes tribunal in the Hague will see fit to expand its remit to include economic crimes against humanity."

If not here on earth, then the monetary terrorists--Bernanke and other central bank agents alongside their principals--will stand accountable during the ultimate tribunal to be held on Judgment Day.

Monday, July 11, 2016

Group Criticism

Drawn into the stream
Of undefined illusion
Those diamond dreams
They can't disguise the truth
--Level 42

Social identity theory suggests that we will critique the actions of people differently depending on whether they are affiliated to groups we belong to. We will be less critical of individuals who belong to the same groups that we do.

When they do something wrong, we will be prone to look the other way and give those people free passes. At the very least, we will try to rationalize away their behavior and dismiss it as 'fringe,' and not representative of our group.

People who are affiliated with groups other than ours will be much more subject to our criticism. Their behavior will be subject to microscopic analysis. We will be prone to generalize individual behavior as representative of group.

We will perform the mental gymnastics necessary to rationalize our group as superior to their group in order to elevate our personal self-image as high as possible.

Sunday, July 10, 2016

Distortion and Economic Hardship

Oh, a storm is threatening
My very life today
If I don't get some shelter
Oh, I'm gonna fade away
--The Rolling Stones

With the SPX once again tickling all time highs, it is sickening to ponder how much economic hardship that extant market distortions will bring down the road.

Indeed, there's a good argument to be made that much of the social unrest that we're currently witnessing is rooted in distortions wrought by interventionary monetary and fiscal policies.

Unfortunately, the pain felt thus far is like a pin prick compared to the torment headed our way.

position in SPX

Saturday, July 9, 2016

Reinforcing Ignorance

"You know, I know this steak doesn't exist. I know that when I put it in my mouth, the Matrix is telling my brain that it is juicy and delicious. After nine years you know what I realize? Ignorance is bliss."
--Cypher (The Matrix)

The media market can be viewed as a market for information bias. Outlets bias their information for consumption by particular segments of the market.

Few information consumers are interested in the truth as truth generally challenges long held beliefs. That challenge brings psychic pain as people realize that their beliefs may be wrong. Because people prefer pleasure over pain, they are prone to consume information that keeps them pain free.

Paradoxically, most consumers of media do not become significantly more informed. Instead, they reinforce their ignorance.

Friday, July 8, 2016

Peer Review Pretense

Dean Yeager: Your theories are the worst kind of popular tripe, your methods are sloppy, and your conclusions are highly questionable. You are a poor scientist, Dr Venkman.
Dr Peter Venkman: I see.

Interesting color on 'peer review' in context of recent concerns at American Economic Review. As noted by the author, AER is the holy grail for publishing in the economics discipline. A hit there goes a long way toward getting an assistant professor to tenure.

People assume that research published in journals like AER has been thoroughly vetted for its scientific validity by unbiased experts.

Bad assumption, as editors and review boards are subject to the same biases and mischief as all people. Prestige of the outlet does not necessarily equate to truth and accuracy.

Thursday, July 7, 2016

Corruption and Rebellion

I hear the sound of
Marching, charging feet, boy
--The Rolling Stones

Judge Nap essentially recounts points made here yesterday. He repeatedly questions why we tolerate this type of corrupt behavior? He's being rhetorical, of course, as we know apathy and partisanship play big roles.

However, I also sense that, slowly, people are becoming less tolerant of government officials being above the law. As liberty preference of more individuals gets compromised, then those people are more prone to wake up and push back.

As corruption grows, so does potential for rebellion.

Wednesday, July 6, 2016

Justice Proof

"I think that when statesmen forsake their own private conscience for the sake of their public duties, they lead their country by a short route to chaos."
--Sir Thomas More (A Man for All Seasons)

Yesterday FBI director James Comey announced that, despite evidence that Hillary Clinton broke the law related to managing state secrets, the Bureau would not recommend indictment to the DOJ. My subsequent feeling was not unlike the one nearly four years ago to the day when trying to make sense of the disjointed rationale of the Supreme Court's Obamacare ruling.

After systematically dismantling Clinton's defenses (nice associated vid here) and detailing various pools of evidence suggesting that Clinton violated related statutory law, Comey punted, claiming that intent to break the law was unclear and that 'no reasonable prosecutor' would take the case. Huh? As Comey surely understands because he has pursued such cases before (also see Greenwald here), intent is not a prerequisite for wrongdoing in this case. Gross negligence is enough. Parenthetically, it is also easy to construe from Clinton's nefarious actions that intent was indeed present.

John Lott submits that this is simply a case of needing more definitive evidence before going after a high ranking public official. If this is true it means, of course, that people are being treated unequally under the law.

A former FBI assistant director appeared dumbfounded about Comey's actions and suspects that they were politically motivated. He also suggested that many inside the Bureau share his view, They are concerned, he says, that Comey has cast their agency as vulnerable to political influence. He's right. Hopefully some inside the Bureau go rogue as a result and share more about the investigation with the public.

The extent to which this investigation weighs on her presidential bid remains to be seen. However, as of right now, Hillary Clinton remains above the law.

This course of events also reinforces the notion that our legal system is becoming increasingly justice proof.

Tuesday, July 5, 2016

Break Out

What are you waiting for
The time has come to make your break
Break out
--Swing Out Sister

Pan American Silver (PAAS) was indeed able to break out nicely above resistance (now support) last Friday.

PAAS can be seen as a leveraged play on the price of silver. If white lighting continues to get its groove on, this name is likely to enjoy support.

position in PAAS

Monday, July 4, 2016

Liberty Day

Benjamin Martin: May I sit with you?
Charlotte Selton: It's a free country...or at least it will be.
--The Patriot

The idea remains as fresh as its implementation 240 years ago today. That liberty--freedom from state control--is the unalienable right of all people.

1795 Flowing Hair Half Dollar PCGS F12 CAC 2 Leaves

It was radical then and remains radical today. On this holiday we celebrate the idea of liberty and its revolutionary power.

Sunday, July 3, 2016

Agency, Distance, and Subsidiarity

You took advantage of my trust in you
When I was so far away
--The Who

Conditions for agency problems arise whenever people ("principals") contract with other people ("agents") to represent them and in particular to make decisions for them. Celebrities hire agents, owners of companies hire managers, citizens hire government officials, etc.

Because people are axiomatically self-interested, agents are prone to make decisions in their own best interest rather than in the best interest of their principals. For example, agents might pad expense accounts or hire friends rather than the most qualified personnel as subcontractors.

Principals can reduce agency problems by monitoring agent behavior. Obstacles, however, impair effective monitoring. Technically, the specialized skills may be difficult for principles to accurately assess, as in the case of senior managers deciding on which corporate computer operating system to select. Moreover, the 'goodness' of agent behavior may not be immediately evident, as in the case of investment decisions made by a financial advisor. Such impediments, of course, call into question how principals can intelligently select agents to appropriately represent them in the first place.

In many cases, however, monitoring is limited by time--i.e., time that principals have available or are willing to allocate for monitoring agents. Indeed, principles often hire agents so that they free more time for other things. If they spend all their time monitoring agent behavior, then principals have defeated the purpose of hiring agents to begin with. Stated differently, all of their monitoring makes them less free.

The burden of monitoring can be reduced by closing the distance between principal and agent. Locality makes it easier for principals to monitor agent behavior without wasting time. Moreover, the mere prospect that principals are in the neighborhood reduces agency problems. When agents sense that principals are close by and may at any time be watching, then those agents are less prone to mischief.

This was an important reason why the anti-federalists and many of the founders, including Jefferson, weighted decentralization and the principle of subsidiarity so highly. Agency problems, i.e., the costs of freedom, are reduced as distance closes between citizens and government.

Saturday, July 2, 2016

Exit Strategy

"So, here's to those who did what was considered wrong, in order to do what they knew was right...what they KNEW was right."
--Benjamin Franklin Gates (National Treasure)

As these pages have noted many times, the history and design of the United States are grounded in the right of secession. Under natural law, political unions are voluntary. If a party to the union sees fit, then it is the right of that party to, as Jefferson noted in the first line of America's first law "to dissolve the political bands which have connected them with another."

People are not truly free unless they have such a right to walk away. This is why statists despise secession and do what they can to smear the notion in the minds of citizenry. They do everything in their power to put down all secession attempts lest people come to realize that their potential for exit severely limits state power.

To liberty lovers, however, secessions such as the recent Brexit are cause for celebration. Of course, we prepare to celebrate one of the greatest secessions in the history of the world in two days.

Friday, July 1, 2016

It Never Happened

"Now, understand, commander, that torpedo did not self-destruct. You heard it hit the hull. And I...was never here."
--Admiral James Greer (The Hunt for Red October)

In what has to go down as one of the more mind numbing turnarounds in recent memory, major indexes have rallied to regain all losses since Brexit just days ago.

There is no doubt in my mind that this is central bank intervention at its 'finest.'

position in SPX