Bulls are 100% confident this time will be different since it’s the first year in the past decade without a Fed safety net.

The Nasdaq has imploded at the beginning of the year 3 out of the past 4 years. The only outlier was 2019 when the market imploded in December 2018.

Bulls are 100% confident this time will be different since it's the first year in the past decade without a Fed safety net. pic.twitter.com/UxJnFWePKT

— Mac10 (@SuburbanDrone) January 18, 2022

The U.S. and China are now in an extreme policy divergence.

EM currencies bounced at key support. Below this level the Fed reversed in 2015 and 2018.

Soon the Fed and its acolytes will have a hard decision to make: pic.twitter.com/ew0CYiCi5B

— Mac10 (@SuburbanDrone) January 17, 2022

Chinese retail sales surprised to the downside, and the PBOC surprised with the first rate cut since pre-pandemic.

The combination of zero-COVID strategy + real estate meltdown are imploding the economy.

U.S. and China policy is now moving in exact opposite directions. pic.twitter.com/N7KMSx5kPo

— Mac10 (@SuburbanDrone) January 17, 2022

We know this monetary sugar high is a Faustian Bargain, we just don't know what method of payment will be demanded at the end of it all.

At the pandemic low the average stock gave back a decade of gains. A preview of what's to come. pic.twitter.com/bO7ZzzIC1d

— Mac10 (@SuburbanDrone) January 17, 2022

US #StockMarket used to peak around 6 months ahead of American industry… perhaps it still does? @adam_tooze pic.twitter.com/m99ucNESBs

— CrossBorder Capital (@crossbordercap) January 17, 2022