I Like My Coffee Like I Like My Bankruptcies...

...freshly-made and ready to provide a nice boost (or something like that). 

With the likes of CHK HTZ up many times over in recent sessions off their bankruptcy claims, it seems like a sign of the times and the fiat currency-is-confetti vibe The Fed has given off during times of crisis especially that has now reverberated down to many retail traders. After all, if we sell off again the market just knows it can pressure The Fed and politicians to take swift action to stem the tide like it has so many times before. Thus, even bankruptcies are bullish! 

The temptation, of course, is to look for signs of imminent froth from a contrarian standpoint and a major rollover in equities. But those who traded though the Dot-com mania know that these sorts of episodes in the market can last for months, or longer. We do have the June FOMC tomorrow afternoon, which typically sets the tone into the summer as far as monetary policy is concerned. Unless The Fed breaks from their recent rhetoric of not only easy monetary policy but also aggressively backstopping various markets, it is tough to see equities genuinely being surprised. 

Perhaps the real issue will be whether all of the optimism regarding the various re-openings across the country has been overblown, especially now that we saw the initial wave of pent-up demand. But if none of that even matters, I suppose we can always just hunt down short squeeze plays like PTON to partake in the debauchery. 

Finally, and perhaps of most significance in the long run, gold and her miners have taken a few weeks to cool off as we expected with Members. However, today is the first day I am seriously considering dipping back into the complex with a small toe before the FOMC, seeking to add later this week if the sector takes off again. 

After all, if The Fed is so cocksure that inflation is desirable to deflation, gold has plenty of unfinished business to the upside.