I used to write something in this blog every market day. Sometimes it was a chart. Sometimes the ravings of a madman. But there was always something going on and something interesting to write.
Not so much anymore. Earnings, economic reports, interest rates don't matter. The only thing that matters is whether or not Ben will print. Well, the Bankin' Brothers (Barnanke and Draghi) have shot their loads. They are all in forever at this point and there is nothing left. Well, unless they buy car loans and abandoned storage lockers.
Today, Japan joined the printing party. China threw in their unnecessary infrastructure plan earlier this month. Come on, Bulgaria, Botswana and Burma (they all start with "B"). Join the Bankin' Buddies and buy some junk paper. What could possibly go wrong?
So I was looking around my data machine for anything that might be half interesting. I saw the Baltic Dry Index chart back at 2008 crisis lows. That's interesting, right? Well, not really as the path of this index has had nothing to do with stocks and bonds for years.
I then checked out another oddball - LIBOR.
But look at it now. This is a daily chart so it does not show current levels in context. But why is it falling off a cliff? Are banks now the only place to be? Maybe - with all that free stimulus cash.
Beats me what LIBOR means now.
So, I will go back into my cave. Some of you may have noticed my Barron's Online columns being rather bullish over the past few weeks and thinking that the last bear has