Pioneer Wealth Strategies

After decades of being universally infuriated by touchtone/automated phone systems, we're now paying for software to do it to each other.

Way to stick it to the man, folks.

Crude oil under $70 despite months of Saudi production cuts.

Yield curve inverted more severely and for longer than ever, or close at least.

And now it’s steepening.

Btw, if someone tells you that’s a sign that things are fine, run.

Forward rate curves screaming that the Fed will cut, years in advance.

Constant downward revisions of headline payroll reports, then census data foreshadowed further revisions of around 1mm months ago—which was just recently confirmed correct.

Every Fed official, institutional money manager, and so-called expert on my timeline during the past two years:

- Soft landing
- No landing
- Sticky inflation
- Strong labor market
- Resilient consumer
- Higher for longer

It’s called a business cycle for a reason. The Fed, at least until recently, would mock you for suggesting such cycles exist. They’re still learning.

Imagine your pilot learning like the Fed or your advisor while he’s flying the plane.

Totally “strong and resilient” economy. Soft landing here we come. F that. NO LANDING!

The Fed totally knows what they’re doing. They’re not being the curve at all!

(Not that it would matter if they were. Rate cuts don’t do anything—other than more damage anyway.)

Oh goodie. It's time for the financial media to wave incense at the altar of central banks while they flap their lips at Jackson Hole.

What an annual ritual this is.

Good chance for a bounce here in the Nasdaq futures. My sense, but it’s just a feeling, is it’ll be important for this little “double bottom” on the intraday chart to hold.

If that holds, then we might have cleared the decks for a big rally—“Rate cuts woohoo!”

At which point the bulls will take endless victory laps, lecturing anyone who said a word about these profound market movements.

Fun!

Precious metals join the puke job in the morning, as I had suggested overnight.

The only things that are up are treasuries and the Swiss Franc. Spoiler: that’s not a good sign.😳

As for equities, I think we’re seeing what happens when we outsource our markets to, as Simplify’s Mike Green calls it, the world’s dumbest algorithm.

Did you give me cash? Buy.

Did you ask for cash? Sell.

🤣🤣🤣

Doesn’t look like it’s overheating?! You sure?!

And then he says it’s not the Fed’s job to look backward at data points.

You could’ve fooled me! Because I’m pretty sure that’s all the Fed has ever done.

The Fed is at 5.25% and the 2 year note is at 3.66%! Guess which one is going to follow the other, you know, looking backward!

He just said it again! “The Fed should be forward looking.” Says the worst forecasters on earth.

Dear me.

Now it’s time for the Fed to enter the chat, preposterously late to the party as ever, with their useless rate cuts.

The same rate cuts we were told by permabulls would prevent this sort of thing.

Just like they tell us rate cuts will save us every cycle.

And they never do.