Deep Thoughts

1. The Payroll Report came out to the usual over-hype and delivered more "meh." The trading community has switched from parsing participation to parsing wages and ages. The bull market in over thinking is going bubble. The immediate default position to the news is "The Fed will raise rates ______ (insert arbitrary future date here). Large swaths of the term structure remain valueless and need to fall well in advance of the Fed doing anything but yak.

2. Stux don't it? In a retaliatory caper fit for the Black List, Russia is being suspected of a system wide power grid hack here in the US. Where Stuxnet was aimed at a single facility this is much more dangerous. Officials say they knew the virus was there for years but this was the first time it was launched. Well isn't that special. The ruble has gone spastic to add to the intrigue.

3. Via Ivan the K and Reuters : Eaton Vance has been given the go ahead from the Mensa candidates at SEC to create a block of ETFs that ...wait for it...Don't have to disclose what's in them ! Reaching the apex of the "Yes, but what are you buying right now?" age, one can answer "Something." Appropriately named NextShares these "non-transparent" vehicles fit perfectly into the investment themes of the Millennial's mentioned in #1. It was available, thus I purchased it. The Fed's infatuation with openness is also an aid to these silly securities. The Fed is so open about its actions that you can profit from buying  a Fund without regard to contents !

4. A moment of Zen. CNBC celebrated its 25th Anniversary last night, thus joining the 25-40 demographic to which all of the above applies. The message, provided the Russians don't block you from getting it. is clear. Buy "corporate-y, business-y equity type "things" and stuff." The business of America is the ownership of equity (and derivatives of, and soon shadowy possibilities of). A birthday for the Home Shopping Network for shares. The industry has commoditized capital formation. The consumption (and regular regurgitation) of financial products fits perfectly into the Mr. Creosote (#GIK) mentality of the age. Happy Anniversary, wafer thin mint?

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