{"id":6592,"date":"2015-03-17T18:56:57","date_gmt":"2015-03-17T23:56:57","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6592"},"modified":"2015-03-17T18:56:57","modified_gmt":"2015-03-17T23:56:57","slug":"market-tops-in-why-buy-the-dippers-cant-get-it-up","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6592","title":{"rendered":"Market Tops In! Why Buy-The-Dippers Can\u2019t Get It Up"},"content":{"rendered":"

Market Tops In! Why Buy-The-Dippers Can\u2019t Get It Up<\/a><\/h3>\n

I am sure some chart reader can explain the S&P 500\u2019s laborious\u00a0struggle since September 2\u2014\u2014the day it crossed the 2000 barrier\u2014-as a classic \u201cwall of worry\u201d. But that event occurred\u00a0nearly seven\u00a0months ago and the market has dipped 15 times since then and has actually\u00a0plunged six times (by more than 3%). And all it had to show for its exertions going into today\u2019s opening was a 50 point or\u00a02.5% gain. In this bull market, that\u2019s a rounding error.<\/p>\n

\"\"<\/p>\n

So we have arrived at a\u00a0precarious place.\u00a0After the Fed has spent six-years inflating\u00a0a new and even more stupendous\u00a0financial bubble\u2014-the third this century\u2014-the market top is in.\u00a0 And after\u00a0five-and-one-half years\u00a0of so-called recovery from the\u00a0recession\u2019s\u00a0end in\u00a0June 2009, the bottom is now falling out of the economy\u2014-both abroad and here, too.<\/p>\n

In that\u00a0context, a new form of\u00a0danger arises. The Keynesian pettifoggers at the Fed have painted themselves into an epochal corner. After 78 months of ZIRP they\u00a0have no idea\u00a0about how and why they got here; and now,\u00a0 mired deep in the lunacy of free money, they are clueless about where they are going next.<\/p>\n

But here\u2019s the thing. During its long descent into ZIRP, consensus at the Fed\u00a0came from the Easy Button. Once they got\u00a0to the zero bound\u00a0in December 2008, it was always possible to find one more reason for delaying the day of\u00a0 interest rate normalization and to persuade\u00a0any reluctant members of the FOMC that the economy had not quite emerged from its slump, even if \u201cescape velocity\u201d into full employment was just around the corner.<\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Market Tops In! Why Buy-The-Dippers Can\u2019t Get It Up I am sure some chart reader can explain the S&P 500\u2019s laborious\u00a0struggle since September 2\u2014\u2014the day it crossed the 2000 barrier\u2014-as a classic \u201cwall of worry\u201d. But that event occurred\u00a0nearly seven\u00a0months ago and the market has dipped 15 times since then and has actually\u00a0plunged six times […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[4189,2120,216,2228,500,4240,696],"class_list":["post-6592","post","type-post","status-publish","format-standard","hentry","category-economics","tag-buy-the-dip","tag-david-stockman","tag-dow","tag-market","tag-market-collapse","tag-market-top","tag-sp"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6592"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6592\/revisions"}],"predecessor-version":[{"id":6593,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6592\/revisions\/6593"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}