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ABC News’ Brian Ross reported that former Trump official Lt. Gen. Michael Flynn was going to Grinch All Your Sweaters Are Ugly shirt that candidate Trump had directed him to contact “the Russians.” Even though such contact would not be in of itself a violation of law, the news was treated as an explosive indictment of Trump in the Russia collusion narrative, and the stock market fell on the news. ABC later corrected the report to reflect that Trump had already been elected when he reportedly asked Flynn to contact the Russians about working together to fight ISIS and other issues. Ross was suspended.

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These stories we tell about ourselves– they’re almost like our Grinch All Your Sweaters Are Ugly shirt , like railroads or highways. We can build them almost any way we want to. But once they’re in place, this whole inner landscape grows up around them. So maybe the point here is that you should be careful about how you tell your story, or at least conscious of it. Because once you’ve told it, once you’ve built the highway, it’s just very hard to move it. Even if your story is about an angel who came out of nowhere and saved your life, even then, not even the angel herself can change it.

The USD is what I’d call the stress barometer of the Grinch All Your Sweaters Are Ugly shirt, and a breakout to the upside is indicative of the stress in the system. Note that this makes sense because when the Fed tapers from bond buying, they are essentially strengthening the dollar. The S&P 500 index is trading at all-time highs because the large and mega-cap names are holding it up, but there is a lot of subsequent carnage (and increasingly so), which is a classic sign we’ve topped off in the market. The M2 money supply peaked in February of 2021, which coincided with the top in the most speculative parts of the market, including SPACs and Cathie Wood’s ARKK. Well, the truth is, the companies whose stocks have overrun have gotten so large in market cap that it’d take them years for them to grow into their respective valuations, so either these companies grow at a much faster pace, which is unlikely, to “catch up” to their stock prices, or their stock prices will have to come down to Earth
