I get the feeling that this market is setting us up for a fall, who knows how far down.  Earnings have been generally OK, but many stocks have fallen on the news.  I think most of the good news are priced in.  Of course with my ability to always call it wrong just at the right time, who knows.

Our favorite Prez (NOT!) seems to have calmed down somewhat or is it because I stopped paying attention to his non-sensical and stupid tweets and or the news ingeneral?

LT, many signs point to a big fall coming, OTOH many other signs point to the opposite. Look at this morning, the market is soaring like the start of last week mostly because the world didn't end, again. Ummm, yaaaaaay? When Harvey was massive that was good news. When Irma was less worse than hyped (I always thought it was getting too much hype, with the 24 hr news cycle getting ahead of itself and the politicians acting faster than normal post-Harvey), that was also good news! No doubt any state of Irma and any amount of damage, high or low, would be spun as good news and another excuse to panic buy.

As for Trump, I think the new Chief of Staff has introduced enough structure that he probably has to work during the day, and doesn't have time to troll-tweet. We'll see how long that, or the Chief of Staff, lasts.

Agree that Kelly is making a difference, keeping  things somewhat less diysfunctional in the WH. Also agree that who knows how long it wiill last.

As to the market, yeah, regarding today's rally.  Party on! For the time being or until the punch bowl is slowly taken away by the Fed, which at this rate could be another year or more.

lt cap/Jester - OT - Speaking of things that look horribly fragile, but somehow keep defying gravity, this piece from the NY Times on China's currency and economy seem to somewhat eerily shadow our own skepticism, while events ignore such reality-based worries, and the markets kite ever higher:

nytimes.com/20...p-news

Excerpt - At the same time that even Mr. Zhu begins to question his own long-held pessimistic beliefs, he still can't quite believe that everything is as rosy as it seems:

"Mr. Zhu, of Tsinghua University, said he believed that the Chinese government could continue to postpone its problems. But he warned against complacency, saying China’s debt could cause problems if it were not watched carefully.

“When will the bubble burst?” he said. “When nobody believes it’s a bubble.”

I recall when lt cap warned, some years ago, about Chinese 'zombie banks' and the debt problem. Apparently, all that was just a delusion. And like Jester pointer out in a recent post, it's 'all good' - storm, no storm, doesn't matter, market loves it.

Japan's Central Bank now owns 75% of Japanese ETF's. Sheer lunacy. They say that's "only" 5% of total Topix market cap.  Only 5%, nothing to worry about then! They might as well just hand the printed money directly to the rich, who of course own most of the shares being propelled higher.

Same as it ever was.

Well, NOK announced a 600 person layoff in France, last night.  It is about 10% of the folks working for Nokia in Farnce.  Today Euronex booted Nokia out of the CAC 40, I am sure this was expected.  Last night someone did a $6 put option on Nokia.  I am always amazed by the brilliance of these traders.  The stock today is pegged at $6.  How do they do it??? Must be magic and the dog days of summer.

Good old freaking market.  White collar crime pays, the vast majority of the time.