Rhymes with delicious
June 24, 2019
–Bitcoin is up 10% this morning at 10935. Precious metals are higher, stocks are higher, bonds are higher, the dollar is weaker. Chicago Fed’s National Activity Index is out today. Last was -0.45, with the three month moving average at -0.32, the lowest since Q2 2016 when bond yields were making historic lows. Today’s CFNAI expected +0.10.
–From AP, US military cyber forces launched a strike against Iranian military computer systems in response to the drone downing. I don’t know if it’s connected, but I was repeatedly blocked from sending out my weekend note, receiving the response, ‘blocked by recipient’s e-mail service’. I thought it was too long, so I removed a bunch of charts, but that didn’t help. The title was ‘Pernicious’. Once I changed that, the email went through. I guess it’s because Pernicious rhymes with Malicious. I am sort of joking around here, but I have a feeling the cyber security cold war is about to move into higher gear. I had to change the title to Zombie Economy. I guess Zombies don’t scare anyone any more.
–I marked 2/10 at a slight new high Friday just above 28. This week the treasury auctions 2’s, 5’s and 7’s starting tomorrow.
