No Doubt

There is no longer any doubt that the US has entered recession. Chart thanks to zero hedge, of course.

20150804_bfac_0

Yet the stock market does not fall, despite horrible internals and nosebleed valuations. While I’m generally not one for conspiracy theories, I have a suspicion that the Fed has made a Faustian bargain with one or more of the HFT firms that it has caught in illegal activities.

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