Biden took the path of least resistance, and nominated Jay Powell again as Fed Chairman.

He threw his party a bone by nominating Lael Brainard as Vice-chair.

Stocks took off and almost achieved escape velocity, based on some fantasy that Powell is pledging to be more hawkish.

But alas, as the initial front running euphoria waned, stocks crashed back down to earth again and left a crater as well.

The Dollar jumped to the middle of the 96 handle as well, based on the same assumption of rate increases to come.

Gold and silver were just brutally hammered lower.   

How fitting since tomorrow is the most significant gold and silver futures contract option expiration on the Comex. 

Never waste an opportunity.

Today the German health minister Jens Spahn said that 'probably by the end of this winter pretty much everyone in Germany — as has sometimes been cynically put — will be vaccinated, cured or dead.'

The US today has issued an advisory against travel to Germany.  

Déjà vu all over again.

Who could have seen it coming?

Have a pleasant evening.

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