33 Liberty Street (NY Federal Reserve Building)

From their website…

The 22-floor, limestone and sandstone headquarters of the Federal Reserve Bank of New York contrasts sharply with the neighboring steel and glass skyscrapers of the Manhattan’s downtown financial district.

Architecturally, the building is reminiscent of the Italian Renaissance period, featuring a robust palazzo design recalling the appearance of Florentine banking houses and elements of Florentine palazzos such as the Strozzi Palace and the Palazzo Vecchio.

The Bank’s 20th century American designers, like their 15th century Italian predecessors, sought a structural expression of strength, stability and security. These planners intended to inspire public confidence in the recently formed Federal Reserve System through the architecture.

Another example of empty castles and skulls comes from a post by Paul Krugman. He says if you take out food, energy, shelter and cars, that there is no inflation. Lol.

It is like saying 1+1+1-3=3 *if you don't count the 3? And this man has won a Pulitzer prize for economics!

This is how math works at the top of the pryamid to keep boots on our necks.

https://twitter.com/paulkrugman/status/1712494317024026761

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Show Notes

Summary of the day and week

Friday the 13th Delivered! So much to cover today. I warned this morning that something smelled fishy and only the magnificent 7 were green while breadth was very weak. I then checked the equal weight Nasdaq and it was testing the 50 day ma already. While the equal weight S&P had not even reached it’s 50 day. Then I looked at VIX and saw it was rallying hard despite the market being fairly flat and the bullish earnings reports of JPM, C, WFC and BLK.

Here is the actual Substack note:

Breadth

* 66 new highs

* 502 new lows (7.6 x times!)

* 34% advancing 60% declining

* 79% below 50 day ma

* 70% below 200 day ma

Stuck out

The VIX exploded higher 15% today disproportionately to the selloff. You would think the Dow was down 1,000 points. At one point the VIX was up over 20%.

Strong

Gold

Volatility

Weak

What to watch

Watch mag 7

Watch Energy

Watch yields

Geopolitical Risk and new confrontations

Economic data

https://www.marketwatch.com/economy-politics/calendar

Financial Freedom is not free, but the pursuit is worth the treasure.

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Podcast EP 69 Empty Castles (Oct 13) 14:39 Share

Not Your Advisor

Shownotes Transcript

Podcast EP 69 Empty Castles (Oct 13)