Most foreboding presently appears the bottom panel showing the McClellan 5% and 10% indexes. These reveal a great measure of underlying weakness here, relatively speaking. What's more, there's a summit yet to be overcome, like was done last November.
So, if Bernanke is toast, as Cashin concludes, then why not tighten the screws and pave the way for an austerity ghoul. That's how the thinking really goes. Yellen will not do. Meanwhile the market's deteriorated technical state appears poised to accommodate a climate of increasing worry—fear.
Wait! This just occurred to me: why not instead push Elizabeth Warren for the job of Fed chairwoman? Forget Yellen. She hasn't anything American to offer. Nor our Shadow Greek Prime Minister. The man earns his title. Chilling.
Big news today was the FBI foiling a terrorist bombing of the NYSE, this with the help of NSA surveillance that, (rightly) has everyone in a tizzy. No indication the FBI will be anywhere near Wall Street when the NYSE, all on its own, blows up yet again, meting an unprecedented—widespread—damaging effect as a result. Today's still extraordinarily vulnerable circumstance at every level of analysis amidst a fairly frozen complacency rather stands to tarnish the FBI's "save," making it more a curse than a blessing for the nation. No matter. Something blowing up spectacularly is always a great new conversation starter. At this point, it's not like serious FBI intervention could prolong a broken system's illusion of stability and repair. Better prepare for a bureau protecting investments financed through a reconstituted national bank, the likes we might find Elizabeth Warren most qualified to lead.
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