Stocks were in risk on rally mode today.  

And the spokesmodels with fluttering pom-poms were cheering them on.

AI, AI, hear our cry,V - I -C - T - O - R - Y

VIX fell to its multiyear low.

Gold and silver rallied, going out near the highs.

The Dollar fell sharply.

What's wrong with this picture?

Let's see how the Non-Farm Payrolls report prints tomorrow.

And how the markets choose to take it.

It's really not about the economy anymore, it's all about the Fed.

That's because as the sum of their policy errors and abuses, the Fed has become the market.

Have a pleasant evening.

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