Blind Faith

The financial markets continue detached from reality, supported by (misplaced) faith in the power of the Fed. PPI negative, retail sales declining,… just another day of postponing “tapering.” Under cover of the algo pumping, massive distribution is indicated by the elevated TRIN and TRINQ as institutions offload their turkeys onto the retail horde, excited by new high after new high. Trees are growing to the sky again.

It appears that, in addition to the Medicaid revelation, more are now finding out what was in the Obamacare legislation – massive premium increases for those on individual plans and cutbacks in funding for Medicare Advantage plans. Just another bunch of lies from Obama, in whom much blind faith has been placed and then clearly betrayed.

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