Today was the last day of the second quarter. And the champions of the austere rigors of capitalism in its disciplined allocation of capital were busy painting the tape.
This kind of pool buying to pump up stocks on increasing levels of margin debt is very reminiscent of 1929. We might expect this to end in a similar manner.
And of course we can thank the Trump Administration, including Scott Bessent and his cronies, and the stock traders in the Congress, for this mistreatment of our financial system.
Gold and silver attempted to rally and gained a little ground.
Bitcoin dropped back down to the lowest level of its intermediate trading range. I was a little surprised to see this.
The Dollar didn't do anything.
And it turned out that Trump's Truth Social post and all that about Iran were the usual market pumping baloney.
Have a pleasant evening.
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