He that did ride so high

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Colonial America was a society of smugglers and scofflaws who regarded government regulations as worthy of contempt. Twenty-first century America is quite different.

When liberty and capitalism were born over a millennium ago, states were small, decentralized, and weak. By restoring natural rights and civil society, the state will recede once again. 

Sic Transit Gloria ”Trumpi” 

He that did ride so high

Doth lie so low (Shakespeare)

Heroes and rascals often get a grim reward. The Moabite leader, King Eglon, was murdered on his throne in about 1200 B.C. Julius Caesar, hero of the Gallic wars, was stabbed to death in the Senate in 44 B.C.

Marshall Ney, hero of the Napoleonic Wars, was shot by a firing squad.

Abraham Lincoln, Martin Luther King Jr., John F. Kennedy – the list of those assassinated is long.

Among the most opportunistic groups on Wall Street are investment bankers. If they see an appetite for something, they will work tirelessly to fulfill it. They've been busy over the past year, and there's no letup so far.

For only the 10th time since 1928, the S&P 500 closed at a 52-week high while fewer than 45% of its member stocks managed to close even above their 10-day moving averages. It's happened only once in the past 30 years, on August 21, 2020.

This is stunning. We're seeing record-high volume in call options being bought to open. And where are those traders focusing their efforts? On the least profitable companies. Pure speculation, in its rawest form.

Insiders försäljningar befinner sig på rekordhöga två standardavikelser ovanför historiskt genomsnitt.

Smart-money commercial hedgers have been net long the major equity indexes since March. But last week they moved to a $22 billion net short position, the 5th-largest in a year.

The buck tends to rise after the U.S. elects a new president.

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