About that headline, I can't help myself...
In case you don't know, former NY Met Lenny Dykstra is nicknamed "Nails." Well, seeing how celebrities have been dropping like flies lately, at least Dykstra still has his life ... for the time being anyway.
JPMorgan Chase wouldn't comment on Dykstra's specific situation, citing customer privacy. However, the company told CNBC, "We expect our customers to pay their legal obligations under their mortgages."
The only thing the company didn't say was ... "or else!"
Speaking of dropping, how about that market. Could it be the Grim Reaper knocking? No big surprise Larry Kudlow Jr. still refuses to take notice. Not to be outdone, the Vice Chairman at JP Morgan Chase ramped up the fantasy-o-meter, saying:
"I do think we’re on the right track..."
Of course, a slow motion train wreck is just what the doctor ordered. That's how scoundrels are made to look like saviors. Don't be confused when in a man in Mr. Lee's position says, "Recovery is near." So, too, is Mars, but that doesn't mean we'll be getting there anytime soon.
(Do recall, dear reader, FDR set this nation's banking system back on the right track in the matter of a week. Of course, this required only courage to speak and act with honesty — a commodity so sorely lacking these days it's a wonder the creative geniuses in lower Manhattan haven't figured a way to make a "market" trading its measure, much like has been done with volatility. By the way, like the stock market, I'd be short it, as well.)
One could point to any number of things suggesting dead money called equity has a looooooooong way to fall before it, too, shares a final resting place at an undisclosed location with Michael Jackson.
Well enough for now is the fact that, today's volume was the beefiest registered on a down day since the market peaked on June 11th. Selling interest continues building. Whatever bid exists looks likely to fail, much as occurred following this morning's positive start.
Fading relative strength and momentum, pushing into the sell-side of their respective balances, is all the proof I need right now.
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