First Amendment Protects Nondisruptive Student Speech Calling for Principal To Be Fired

From U.S. District Judge Mark Cohen’s decision Monday in K.B. v. De Kalb County School Dist.:

Defendant Rebecca Braaten … was hired as [Chamblee Charter High School]’s principal at the beginning of the 2017-2018 school year. During that school year, several public controversies related to Braaten’s performance erupted in the community. [Details omitted.-EV] In August 2018, Braaten returned for her second year as principal and K.B. began attending CCHS. K.B. was aware of the criticism regarding Braaten after discussing the issue with friends and family, reading about it online, and watching a series of television news programs about it in June 2018. After less than two months at CCHS, K.B. was concerned about Braaten’s leadership and discussed the matter with his friends at school. He and his family signed the online petition calling for Braaten’s reassignment.

On October 1, 2018, K.B. designed stickers with Braaten’s professional headshot photograph and the words “Fire Braaten” overlaid on a waving United States flag “to express his political views on the controversy regarding the principal.” K.B. placed a sticker on his phone case and openly displayed it at school. K.B. printed “no more than thirty-six” stickers and handed some to other students who requested them. He assumed the students would wear the stickers to express their viewpoints, and no one indicated to K.B. that they had other plans for display of the stickers. K.B. distributed some stickers to students during lunch who requested them. The stickers were openly displayed on personal backpacks, lunch boxes, and phone cases. K.B. was not aware of and had no reason to be aware of any stickers placed on school property and did not see his stickers displayed on anything other than students’ own personal property….

School authorities concluded “that K.B. had violated the code of conduct rules regarding ‘disrespectfulness’ and ‘creating a disturbance,” and suspended him for a week, though this was then reduced “to a one-day in-school suspension for ‘creating a disturbance.'” This violated K.B.’s well-established First Amendment rights, the court concluded, unless the school could show that the speech was indeed likely to substantially disrupt school activities—and, given K.B.’s allegations, a factfinder could conclude that there was no such likelihood. The case can go forward, in theory towards a trial in which the factfinder would indeed decide whether the substantial disruption standard is met (though in practice such cases often settle after the motion to dismiss is denied).

The school argued that, as a matter of law,

[C]onsistent with Tinker’s protective rationale and Fraser’s civility considerations, schools may discipline students for insubordination and open displays of disrespect or contempt for school employees.

But the court rejected this argument, concluding that (1) the Bethel School District v. Fraser exception applied only to vulgar speech, and not to all expression of “disrespect or contempt for school employees,” and (2) the Tinker exception applied only when there was a real showing of likely substantial disruption—such disruption can’t categorically be assumed just because speech calls for a principal to be fired

Sounds quite right to me; for more on K-12 students’ free speech rights, watch this:

from Latest – Reason.com http://bit.ly/2Lgf7Gz
via IFTTT

Joe Biden and the Limits of Moderate Politics

In the expanded progressive universe of the Democratic 2020 presidential field, Joe Biden plays the part of the moderate. In this role, he’s a squishy, sensible centrist with long ties to the party and its leadership, an average joe and a conventional, professional politician in an era where unconventional, unprofessional politics seems to have taken over.

That makes for a marked—and useful—contrast with his competitors, a motley crew of democratic socialists and ambitious progressives with socialists tendencies, eager to deliver the sort of political fan service the party’s online activist class increasingly demands. And it has helped him stand out in the crowded primary field, rising quickly to the top of the polls and drawing fire from President Trump, who spent the morning tweeting, or rather retweeting, anti-Biden comments sparked by pro-Trump provocateur Dan Bongino’s remark that he knows not a single fireman supporting Biden. (May we live in interesting times.)

But Biden’s moderation, such that it is, is as much a stylistic tic as an ideological outlook, a sense that he’s a practical politician and dealmaker who can connect with blue-collar voters.

Biden launched his campaign with an appeal to labor unions and promised he’d end the GOP tax cuts. In his speech, he attacked “Wall Street bankers, CEOs, and hedge fund managers,” echoing the class-focused rhetoric of Sen. Elizabeth Warren. He’s not for the single-payer vision of Medicare for All favored by his 2020 rival, Bernie Sanders. But like Sanders, Biden has called for making health care a “right for for all,” and he wants to both prop up Obamacare and allow more people to buy into Medicare. He’s previously backed increasing the federal minimum wage to $15 an hour, and he supports making tuition free at community colleges. Although he’s been quiet on climate change so far (he’s been officially running for less than a week), he backed a climate bill all the way back in 1986, and in recent years has continued to cast it as an existential threat.

So, while Biden may not support the most expansive and expensive aspects of the progressive agenda as it exists on Twitter, he is still very much of the modern left’s mold, in part because he has adapted to the times, and in part because the idea that the role of government should be steadily expanded, especially when it comes to economics, is an idea to which he’s long subscribed.

That doesn’t make him a stealth democratic socialist, but it does make him something rather familiar in American politics, a type that was once viewed as far from moderate: He’s what people used to refer to as a big-government liberal.

In the context of Democratic politics and the 2020 primary race, that probably does make him a moderate, at least compared to most of the rest of the field. But to understand that is to understand the limits of moderate politics, and the ways in which the moderate label can mislead, even while being correct in the moment. As the social climate changes, what once looked like strong ideological commitments have a tendency to slip silently toward the center.

It’s not that Biden hasn’t changed at all, nor that there is no upside to the Democratic party’s leftward drift. In particular, on criminal justice issues, Biden has backed off from some of the harsher and more aggressively punitive stances he took near the peak of the crime wave in the 1980s and 1990s. On this issue, at least, he appears to have moderated, at least a little) and moved toward an understanding of sentencing policy that is simultaneously a bit more libertarian and a bit more progressive. (The specifics of what he supports, however, remain vague enough that it’s worth remaining somewhat suspicious of his underlying commitments.)

But the sense that Biden is a moderate is largely an artifact of his personal style—the role, and it is a role, he plays—and how he stacks up to the other contenders in the race. It’s a relative distinction, in other words, rather than something fixed. And it’s all too easy to imagine a future in which the definition of moderate, on both the left and right, slips even further, in which Trumpian trade and immigration policy and Sanders-style economic ideas become the milquetoast middle-ground, pushed closer to the relative center by the radicals at the fringe.

from Latest – Reason.com http://bit.ly/2PFlkuc
via IFTTT

Joe Biden and the Limits of Moderate Politics

In the expanded progressive universe of the Democratic 2020 presidential field, Joe Biden plays the part of the moderate. In this role, he’s a squishy, sensible centrist with long ties to the party and its leadership, an average joe and a conventional, professional politician in an era where unconventional, unprofessional politics seems to have taken over.

That makes for a marked—and useful—contrast with his competitors, a motley crew of democratic socialists and ambitious progressives with socialists tendencies, eager to deliver the sort of political fan service the party’s online activist class increasingly demands. And it has helped him stand out in the crowded primary field, rising quickly to the top of the polls and drawing fire from President Trump, who spent the morning tweeting, or rather retweeting, anti-Biden comments sparked by pro-Trump provocateur Dan Bongino’s remark that he knows not a single fireman supporting Biden. (May we live in interesting times.)

But Biden’s moderation, such that it is, is as much a stylistic tic as an ideological outlook, a sense that he’s a practical politician and dealmaker who can connect with blue-collar voters.

Biden launched his campaign with an appeal to labor unions and promised he’d end the GOP tax cuts. In his speech, he attacked “Wall Street bankers, CEOs, and hedge fund managers,” echoing the class-focused rhetoric of Sen. Elizabeth Warren. He’s not for the single-payer vision of Medicare for All favored by his 2020 rival, Bernie Sanders. But like Sanders, Biden has called for making health care a “right for for all,” and he wants to both prop up Obamacare and allow more people to buy into Medicare. He’s previously backed increasing the federal minimum wage to $15 an hour, and he supports making tuition free at community colleges. Although he’s been quiet on climate change so far (he’s been officially running for less than a week), he backed a climate bill all the way back in 1986, and in recent years has continued to cast it as an existential threat.

So, while Biden may not support the most expansive and expensive aspects of the progressive agenda as it exists on Twitter, he is still very much of the modern left’s mold, in part because he has adapted to the times, and in part because the idea that the role of government should be steadily expanded, especially when it comes to economics, is an idea to which he’s long subscribed.

That doesn’t make him a stealth democratic socialist, but it does make him something rather familiar in American politics, a type that was once viewed as far from moderate: He’s what people used to refer to as a big-government liberal.

In the context of Democratic politics and the 2020 primary race, that probably does make him a moderate, at least compared to most of the rest of the field. But to understand that is to understand the limits of moderate politics, and the ways in which the moderate label can mislead, even while being correct in the moment. As the social climate changes, what once looked like strong ideological commitments have a tendency to slip silently toward the center.

It’s not that Biden hasn’t changed at all, nor that there is no upside to the Democratic party’s leftward drift. In particular, on criminal justice issues, Biden has backed off from some of the harsher and more aggressively punitive stances he took near the peak of the crime wave in the 1980s and 1990s. On this issue, at least, he appears to have moderated, at least a little) and moved toward an understanding of sentencing policy that is simultaneously a bit more libertarian and a bit more progressive. (The specifics of what he supports, however, remain vague enough that it’s worth remaining somewhat suspicious of his underlying commitments.)

But the sense that Biden is a moderate is largely an artifact of his personal style—the role, and it is a role, he plays—and how he stacks up to the other contenders in the race. It’s a relative distinction, in other words, rather than something fixed. And it’s all too easy to imagine a future in which the definition of moderate, on both the left and right, slips even further, in which Trumpian trade and immigration policy and Sanders-style economic ideas become the milquetoast middle-ground, pushed closer to the relative center by the radicals at the fringe.

from Latest – Reason.com http://bit.ly/2PFlkuc
via IFTTT

Trade Deal ‘Possible’ By Next Friday

Right in the middle of AG Barr’s testimony before the Senate Judiciary Committee and just before Fed Chairman Jerome Powell was set to begin his post FOMC-meeting press conference, CNBC dropped a headline claiming that a trade deal between the US and China may be ‘possible’ by next Friday.

Trump

Developing…

via ZeroHedge News http://bit.ly/2WjTQN9 Tyler Durden

Watch Live: Fed Chair Powell Defend Dovish Bias As Stocks, Jobs, Economy Soar

‘apolitical’

Given the lack of change to policy and the lack of updated economic projections, today’s main event is Powell’s Press Conference…

Can Fed Chair Powell stick to his script and somehow walk the razor fine line between talking about how awesome everything is and yet feeling the need to be as uber-dovish as any Fed head since the crisis?

The market (and President Trump) certainly want moar…

Watch Live (starting at 1430ET)…

via ZeroHedge News http://bit.ly/2V8tjpx Tyler Durden

Banks, Bond Yields, & Rate-Cut Beliefs Tumble After Fed Cuts IOER

The market has instantly priced in an even more dovish Fed (now expecting 37bps of rate cuts to the end of 2019) as the IOER cut has dragged down bank stocks and bond yields broadly…

Bond yields are lower…

And bank stocks are sliding…

As BMO explains:

The most important development from the FOMC this afternoon was the cut of IOER to 2.35%; a drop of 5 bp while the Committee maintained the target Fed funds range of 2.25-2.50%.

The front-end of the curve is intuitively outperforming on this ‘fine-tuning’ cut and the curve, which has been grinding flatter on the day, has snapped back steeper. This also has created an outside-day steeper for the curve (very rare), which projects to at least 28 bp in 2s/10s.

To be clear, the IOER is a direct response to the relatively increasing scarcity of reserves (liquidity shortage) amid the balance sheet runoff.

via ZeroHedge News http://bit.ly/2XYxuRO Tyler Durden

Denver Ballot Initiative Would Guarantee Your Right To Sleep in Your Car

When voters in Denver head to the polls next week for municipal elections, they’ll be asked to decide on a ballot measure that would guarantee people a right to sleep in public places. The target of Initiative 300 is the city’s incredibly broad anti-camping ordinance that advocates say has effectively criminalized homelessness in the city.

Passed in 2012, Denver’s anti-camping ordinance makes it unlawful to camp on any public property unless camping is expressly permitted. However, what counts as camping includes a lot more than pitching a tent.

Under the law, any person dwelling temporarily in a place with shelter and conducting “activities of daily living,” like sleeping, eating, or storing personal belongings, is camping and therefore breaking the law. Shelter, too, is defined quite broadly as using any form of cover from the elements except clothing.

The camping ordinance includes explicit provisions that limit the ability of police to arrest or ticket people for camping, directing them instead to issue a warning and to offer medical help if needed. Nevertheless, advocates argue that constantly moving the homeless away from public places is disruptive for people already struggling.

“Police use that law to push people away. They sweep them, and then they confiscate property like blankets or sleeping bags,” Raffi Mercuri, the campaign manager of the Yes on 300 campaign, tells Reason. “What happens in sweeps is that communities get disrupted. People get isolated.”

Initiative 300 would put a stop to this by affirmatively guaranteeing people a right to rest in accessible, outdoor public places. Blocking sidewalks or other public rights-of-way would still be prohibited by the ordinance.

The measure would also guarantee people a right to sleep in their car (provided it’s legally parked), and to share food in public.

In addition to freeing the homeless from disruptive sweeps and the confiscation of their belongings, Mercuri says that the ordinance would help social workers trying to provide services to them.

“If you allow people to remain in one place, people can keep track of where they are and can get them on track to get out of that situation,” he says.

In addition to a coalition of Denver homeless advocates, led by the group Denver Homeless Out Loud, the initiative has the support of Colorado’s ACLU chapter.

Fighting the initiative is the city’s business community, which argues that the measure is overly broad and potentially damaging to public safety and the city’s image.

Initiative 300 “undermines public safety and the well-being of all Denver residents, including those experiencing homelessness, by preventing the enforcement of essential public safety laws,” reads a statement from the Downtown Denver Partnership, a business group.

The Downtown Denver Partnership has given $200,000 to the No campaign, as has the National Association of Realtors. All told, opponents have spent $1.5 million fighting Initiative 300, compared to the Yes side’s paltry $80,000.

They have also circulated a report arguing, in part, that the initiative could be detrimental to Denver’s ability to attract conventions and other large events.

Some homeless advocates, while denouncing the No side for fear-mongering about the homeless, have also criticized the measure, arguing that it would essentially codify an unacceptable status quo.

“We are concerned that if the initiative becomes law, it will lower the prevailing standard of human welfare in our community potentially reducing the expectation of ‘need’ met by our human service organizations, community members and government. Instead, the focus will be sheer physical survival in outdoor spaces that are not suitable for human habitation,” said the city’s Homeless Leadership Council in a March statement.

Yet, the argument that the homeless will need subsequent support seems beside the point when considering the question of whether it should be illegal for them to sleep outside or cover themselves with a blanket.

And while concerns about preserving public places are understandable, the libertarian solution would seem to be privatizing things like parks and letting the owners set rules for their use.

It certainly seems like a much better idea than using the police to chase the homeless away from public spaces that are supposed to open to everybody.

from Latest – Reason.com http://bit.ly/2J4ShyK
via IFTTT

Denver Ballot Initiative Would Guarantee Your Right To Sleep in Your Car

When voters in Denver head to the polls next week for municipal elections, they’ll be asked to decide on a ballot measure that would guarantee people a right to sleep in public places. The target of Initiative 300 is the city’s incredibly broad anti-camping ordinance that advocates say has effectively criminalized homelessness in the city.

Passed in 2012, Denver’s anti-camping ordinance makes it unlawful to camp on any public property unless camping is expressly permitted. However, what counts as camping includes a lot more than pitching a tent.

Under the law, any person dwelling temporarily in a place with shelter and conducting “activities of daily living,” like sleeping, eating, or storing personal belongings, is camping and therefore breaking the law. Shelter, too, is defined quite broadly as using any form of cover from the elements except clothing.

The camping ordinance includes explicit provisions that limit the ability of police to arrest or ticket people for camping, directing them instead to issue a warning and to offer medical help if needed. Nevertheless, advocates argue that constantly moving the homeless away from public places is disruptive for people already struggling.

“Police use that law to push people away. They sweep them, and then they confiscate property like blankets or sleeping bags,” Raffi Mercuri, the campaign manager of the Yes on 300 campaign, tells Reason. “What happens in sweeps is that communities get disrupted. People get isolated.”

Initiative 300 would put a stop to this by affirmatively guaranteeing people a right to rest in accessible, outdoor public places. Blocking sidewalks or other public rights-of-way would still be prohibited by the ordinance.

The measure would also guarantee people a right to sleep in their car (provided it’s legally parked), and to share food in public.

In addition to freeing the homeless from disruptive sweeps and the confiscation of their belongings, Mercuri says that the ordinance would help social workers trying to provide services to them.

“If you allow people to remain in one place, people can keep track of where they are and can get them on track to get out of that situation,” he says.

In addition to a coalition of Denver homeless advocates, led by the group Denver Homeless Out Loud, the initiative has the support of Colorado’s ACLU chapter.

Fighting the initiative is the city’s business community, which argues that the measure is overly broad and potentially damaging to public safety and the city’s image.

Initiative 300 “undermines public safety and the well-being of all Denver residents, including those experiencing homelessness, by preventing the enforcement of essential public safety laws,” reads a statement from the Downtown Denver Partnership, a business group.

The Downtown Denver Partnership has given $200,000 to the No campaign, as has the National Association of Realtors. All told, opponents have spent $1.5 million fighting Initiative 300, compared to the Yes side’s paltry $80,000.

They have also circulated a report arguing, in part, that the initiative could be detrimental to Denver’s ability to attract conventions and other large events.

Some homeless advocates, while denouncing the No side for fear-mongering about the homeless, have also criticized the measure, arguing that it would essentially codify an unacceptable status quo.

“We are concerned that if the initiative becomes law, it will lower the prevailing standard of human welfare in our community potentially reducing the expectation of ‘need’ met by our human service organizations, community members and government. Instead, the focus will be sheer physical survival in outdoor spaces that are not suitable for human habitation,” said the city’s Homeless Leadership Council in a March statement.

Yet, the argument that the homeless will need subsequent support seems beside the point when considering the question of whether it should be illegal for them to sleep outside or cover themselves with a blanket.

And while concerns about preserving public places are understandable, the libertarian solution would seem to be privatizing things like parks and letting the owners set rules for their use.

It certainly seems like a much better idea than using the police to chase the homeless away from public spaces that are supposed to open to everybody.

from Latest – Reason.com http://bit.ly/2J4ShyK
via IFTTT

“Patient” Fed Cuts IOER, Leaves Fed Funds Flat, Ignores Soaring Asset Prices

With employment and economic growth data shining even as inflation disappoints, and the gap between the market and The Fed remaining vast in terms of next actions, today’s FOMC statement (and press conference) is expected to be as ‘patient’ as possible with Powell desperately sticking to his script.

The market is pricing in 32bps of rate cuts for 2019 and more for 2020…

Since the last FOMC meeting (March 20th) confirmed The Fed’s dovish tilt, stocks have soared, gold has dropped, and the dollar and bonds have gained modestly…

At the same time, the yield curve has flattened notably…

And today is expected to confirm no change whatsoever, and no new economic projections, the main event will likely be Powell’s press conference.

Here are Bloomberg’s Key Takeaways from the FOMC decision:

  • For third straight meeting, the Fed leaves federal funds target range unchanged at 2.25 percent to 2.5 percent, as forecast; it repeats language pledging to be “patient” on rate changes amid global economic and financial developments, muted inflation pressures.

  • The FOMC adjusts its language on the economy, characterizing economic growth and job gains as “solid” while saying consumer spending, business investment slowed in the first quarter; the Fed acknowledges both overall and core inflation have declined and are running below 2 percent.

  • The statement shows central bank still reluctant to signal a policy bias in either direction, despite Trump’s call for an interest-rate cut — something projected by financial markets.

  • The decision is unanimous at 10-0; there have been no FOMC dissents since Powell became chairman in February 2018.

No comment whatsoever on markets or valuations amid this asymmetrical dovish bias.

Most notably with Fed funds are trading above interest on excess reserves, The Fed cut IOER by 5bps to 2.35% hoping to push banks to lend rather than parking cash at the central bank.

This is the third time in a year that the Fed has adjusted the gap between IOER and fed funds; the Fed cites a desire to foster trading in federal funds “well within the FOMC’s target range.”

To be clear, the IOER cut tends to imply the relative increasing scarcity of reserves amid the balance sheet runoff.

Bespoke Investment Group macro strategist George Pearkes weighs in:

Focus will be on the change in tone around inflation language and “slowed” first quarter numbers but to me that seems to be a justification for the “patience” rather than a forecast given multiple FOMC members have commented on upside data surprise ahead of the blackout.

As Bloomberg notes, a Fed hold could be music to the stock market’s ears. Bespoke Investment Group notes that the S&P 500 Index’s forward one-month returns after Fed meetings since 1994 have been best when the central bank has stood pat.

*  *  *

Redline below…

Which looks a lot like Goldman’s…

 

via ZeroHedge News http://bit.ly/2LuXX8n Tyler Durden

Blast From The Past

Authored by Sven Henrich via NorthmanTrader.com,

“Those who cannot remember the past are condemned to repeat it.” – George Santayana

Are market participants poised to learn this lesson the hard way? Perhaps they should listen to a blast from the past, the lessons of Richard Wyckoff.

Who was Richard Wyckoff?

“Richard was an active trader and analyst in the early 1900s, his career coincided with other Wall Street greats including Jesse Livermore, Charles Dow and JP Morgan. Many have called this the “golden age of technical analysis.”

“Richard Wyckoff began his Wall Street career in 1888 as a runner, scurrying back and forth between firms carrying documents. As with Jesse Livermore in the bucket shops, Wyckoff learned to trade by watching the action firsthand. His first trade occurred in 1897, when he bought one share of St. Louis & San Francisco common stock. After successfully trading his own account several years, he opened a brokerage house and started publishing research in 1909. The Magazine of Wall Street was one of the first, and most successful, newsletters of the time.  As his stature grew, Wyckoff published two books on his methodology: Studies in Tape Reading (1910) and How I Trade and Invest in Stocks and Bonds (1924).”

Why may market participants of today want to listen to Richard Wyckoff?  Because he developed this market cycle pattern:

A period of accumulation/consolidation a massive mark-up run, then a bunch of back and forth called distribution, and then note the final new high at the end there, followed by a reversal markdown process that reverses it all.

Does this structure look at all familiar to you? If not, it really should:

Let me overlay lines outlining the larger moves of the past few years onto the chart and you get this:

Remove price and you get this structure:

Now compare this to Wyckoff’s market cycle structure:

Are there some differences? Sure there are, smaller deviations have to be allowed for, the key is the larger structure and it fits the larger $SPX structure quite closely.

The structure suggests that the 2014-2016 time frame was the accumulation phase, the run between 2016 into early 2018 was the mark-up phase and the period since January 2018 has been the distribution phase.

What phase are we in now? Here’s a bit more detail on the final topping phase:

If the pattern is applicable it suggests with current new highs we’re in phase C, the UTAD (upthrust after distribution) test.

The definition:

“Upthrust after Distribution.  This last gasp rally from support occurs occasionally, and will drive the stock price above resistance and the prior price peaks in the distribution trading range. Price rallies with conviction and often has big leaping bars and volume. Once at new highs, price can stay above the resistance area for days to weeks. The conviction of this rally and breakout will attract a following of buyers. After a series of tests, price begins to sink back below the prior peaks and in short order is heading back to the Support area. After a UTAD, price becomes persistently weak to and through support and into a confirmed downtrend”.

Key takeaways:

Phase C is much shorter compared to the previous phases and any new highs will not sustain suggesting that prices above the September 2018 highs are ultimately a selling opportunity.

This process of new highs could be short lived, a matter of days or it could drag out for weeks perhaps even months, but any price advances from here would be limited.

For reference I offer 2015. Prices peaked early in May, frustrated for 3 months and then dropped fast:

But the Wyckoff pattern is suggestive of something more sustained than a quick August 2015 move to come. Rather is suggests not only new lows versus December it suggests an ultimate move back to the accumulation price range meaning back to the 2015 highs or around 2100-2150 $SPX.

What’s the upside risk to stocks here and still fit the pattern? Ironically the price risk range I outlined with the broadening top pattern in Combustion:

Wyckoff’s pattern however does not require for the upper trend line in the chart above to be reached. It can reverse at any time, but strongly suggests some back and forth probing and testing at new highs first before a confirmed breakdown.

The main message of the pattern goes to the question of sustainability of new highs which I recently discussed in my most recent video analysis:

How will we know if the pattern applies to our markets today?

When we see evidence that the break above the September 2018 highs on $SPX does not sustain and price falls back below the 2940 area and then fails to regain it. Then the pattern suggests that the 2019 gains will not only be given back, but that new lows are to come. A price destination that the broadening top pattern is also suggesting.

Until then: Party hardy at your own risk. But remember: “Those who cannot remember the past are condemned to repeat it.” – George Santayana

*  *  *

For the latest public analysis please visit NorthmanTrader. To subscribe to our market products please visit Services.

via ZeroHedge News http://bit.ly/2VCpYyu Tyler Durden