A subscriber's note to clients this morning:
If you are reading my irregular ramblings at ~0730 every morning I reckon you have to be a player which leads me into a short observation of Uncle Ben, our Fed Chairman, showing up at the big table in Washington yesterday with a bunch of suckers facing him and yet he folded with the classic Aces over Eights without daring to see the hole card. When the first hand was dealt in our National Casino at 2:00 PM both S&Ps and gold began to cave while USTs soared...revenge of the D-People Part V...But Ben just couldn't contain that glib trash talk in which he and his cronies always get their way and as the game closed he walked away like a man knowing that if he didn't show with a bigger pile of chips next time this regular game at the US Casino would move elsewhere where the chips are harder and the IOUs smaller. This is where we are, the stakes and the values are higher and Ben knows that once he plays the I-card there's no turning back. This is not an overnight event, but in my addled mind the signal was there. So on to the mundane facts...overnight volume is modest, the GSR is 66.70, and open interest for Tuesday was in another 1% at 559,000. I leave you this morning with an observation from trading Zimbabwe regularly during their great inflation...the annual percentage move in the Zim stock exchange index always exceeded the real rate of inflation.
