Crappy day yesterday. Crappy open this morning. Jobs number not so good. Global numbers not so good.

We changed our stance on Monday and stick with that change of stance. Distribution has entered the market not only here but around the globe. We will let others tell you where things will be at the end of the year. We just want to stay with the trend. It is now near-term to the downside with the potential to worsen. While the market was rallying, earnings were not that good and while markets were rallying, most economic data points around the globe have been heading south.

The good/bad news: Central banks around the globe are easing. The ECB surprised almost everyone (didn’t surprise us) yesterday with new easing measures even though they are meaningless. The ECB still has negative rates and even though they say they have stopped, are still printing money. Next up…we all but guarantee Powell’s next move is to lower rates. The dummies at the Fed are already telegraphing it with one dude saying they are considering negative rates and more printing of money. This easy money has been good news for markets for years. The bad news is there will come a day where markets shoot a certain finger back at these easy money dolts.

More to come!