Dear ,

In June Jamie Dimon said ‘brace yourself’ for an economic hurricane caused by the Fed and Ukraine war, well now the writing is on the wall and it says in big bold letters "PREPARE FOR THE WORST." Add to that; Alex Jones says the leftist Deep State globalists are plotting to stage false flag events to blame on MAGA to seize control of the country: “Racially-motivated mass shootings, bombings, poisonings .. They intend to bring in a full dictatorship in the next 71 days.”

Well known financial news contributor - as well as 38 year veteran of markets - Kenny Polcari has been kind enough to share his most recent thoughts on the market with our readers.

Kenny’s Thoughts Mid-Week

The storm clouds are building, stocks come under assault, Jamie Dimon’s prophecy seemingly is coming true.

Recall what he said: ‘Prepare for an economic hurricane’. Remember that? Remember how his global economist, Marko Kolanovic, challenged him on the very same day saying that ‘we’ don’t think a global recession will happen and inflation will ‘resolve itself on its own’? How’s that working out for you? (Oh, to be a fly on the wall…)

Stocks have not been able to stabilize since mid-August, just ahead of Powell’s speech at Jackson Hole, as algos try to decipher what it all means, which I find comical, because all it reveals is that algos weren’t paying attention before the speech. Algos can’t interpret body language, intonation or meaning. So, that rally off the June lows has now failed, and a test of the June lows is now in plain sight.

Monday, I indicated that the short term trendline support at 3996 was a KEY level that needed to be watched. Would it hold when we tested it or not? And while we did not test it on Monday – we did test it yesterday – after not 1 but 3 different additional Fed-heads continued with the theme of a more hawkish Fed. NY’s Johnny Williams, Richmond’s Tommy Barkin and Atlanta’s Raffi Bostic all spoke, and when it failed, the bottom fell out. Here’s why…

Algo’s (again) went into overdrive because of a technical failure, the sell side algos get all worked up while the buy side algos took a step back, not cancelling their interest – just deciding to bid lower in the face of what is starting to feel a bit ‘panicky’.

By the end of the day there was more blood on the street. The Dow had given up another 308 pts or 1%, the S&P down 45 or 1.1%, the Nasdaq lost 135 pts or 1.1%, the Russell lost 27 pts or 1.45% and the Transports gave back 226 pts or 1.6%.

What I find really interesting is that the algos wanted you to believe that it was all good and that Powell wouldn’t ‘grow a pair’ that he would ‘pivot’ and cave, even after Fed-head after Fed-head kept hinting. I mean, how much more did you want them to say? Bullard, Daly, Mester, George, Powell, Evans, Kashkari: every one of them telling you (hinting) at what was to come. Even a former Dallas Fed-head – who resigned his position due to questions about his personal trading account chimed in – telling us that the Fed needed to be aggressive.

Many were quick to call the bottom and the end of the bear market after one month that showed the CPI had improved by 0.1%. Asset managers that had been sitting on the sidelines with cash rushed to get in, in what appeared to be a FOMO (fear of missing out) move, and that caused many retail traders to jump in as well. Nevermind that we are on the verge of a seasonally volatile time (which I warned you about) but it is accentuated by historic tightening events (and I say events because not only are we raising rates, but we are shrinking the balance sheet) – something that I don’t think the markets or the algos were paying much attention to, but suddenly they are.

Now what I find really interesting is that there are some out there that ‘remain mixed’ on what Powell’s comments mean for the markets – because they have lost confidence in the Fed’s ability to manage it. Here’s a hint: ‘They completely missed the boat. Inflation is out of control and won’t easily be tame - so get ready for a more aggressive Fed.’

Recall the ‘Sacrifice Ratio’ explanation? How many people will the Fed have to sacrifice to stop the madness? How high will unemployment have to go to make a dent? How deep and long will the recession be? These are now all of the questions that need to be answered and ones that won’t likely be answered anytime soon. Why? Because they don’t know the answer: we are in unchartered (transitory) territory and this is a completely fly by your pants event.

Who is kidding who? They have no clue and that is not a criticism, it’s the reality of the situation. Remember we’ve been doing this for 13 years, holding rates at artificially low levels and stimulating the economy via monetary policy, and now they are stimulating the economy via fiscal policy. So I say again, they don’t know what the answer is or will be.

Source: Quoth the Raven on Zero Hedge

The Provider / Monetizer has a Licence to issue FC SBLC’s. They will issue and monetize the Fresh Cut SBLC and send €101 Million to the Fiduciary account in NatWest Bank UK in joint names of the Fiduciary and the Investor’s name for the Buy/Sell Trade with the Senior Trader in Zurich

The Fiduciary is a Financial Services company regulated by the FCA (Financial Conduct Authority in the UK). He is also a licensed MTN Trader and an ex-bank Director. His partner is a licensed Master Commitment Holder and Trader in Zurich who is an ex- Head of Wealth Management in UBS Zurich

The Senior Trader has an Evergreen contract for paper so he will never run out and all his contracts are pre-sold to Pension and Hedge Funds etc. and trading is done in the account on a non-depletion basis. Profits are fully net while Trader is paying all costs and commissions.

Fiduciary is able and willing to arrange new bank account(s) for the client anywhere.

Investor needs to transfer US$ 500,000 - for the issuing costs and setting up and administrative costs.

After monetizing the SBLC, Provider / Monetizer is paying €101 M to the Fiduciary, the investment of US$ 500,000 - is returned also to the Investor and he can repeat the process if he wants with the same 300 K USD repeatedly.

Based on a 12 weeks Trade, the Provider / Monetizer will share in the profits of the Buy/Sell Trade on a 60/40 basis. Net return to the Investor over 12 weeks trade is 4.825 B EURO net. From the first tranche of trade profits, the Face Value of the SBLC (350 M US$) is taken out.

Process steps:

1. Investor submits CIS, copy Passport and Proof of Funds
2. Provider / Monetizer will issue a contract
3. After mutual signing, Investor pays the US$ 500,000 - fee for costs
4. Provider / Monetizer will issue the SBLC and starts Monetizing Process
5. At monetizing the Provider pays € 101 Million to the Fiduciary account in Investor’s name
6. At monetizing the Provider returns US$ 300,000 - to the Investor
7. Contract for Buy/Sell Trade will be issued
8. The Buy/Sell trade starts
9. From the first trade profits the Face Value of the SBLC will be returned to Provider
10. Then subsequent profits are on a 60/40 basis Investor / Provider
11. Duration of Buy/Sell Trade is 12 weeks
12. More units of 300K at the same time possible

None of the customary standards and practices that apply to normal, conventional business, investing and finance applies to private funding programs. It is a "privilege" to be invited to participate in a Private Placement Transaction Program, not a "right." The trading administrators and managers have a virtually endless supply of financially qualified applicants. All things considered, the trading administrators and their banks will favor the applicant who provides the best paperwork.

An applicant should never underestimate what the trading entities knowledge about him. Failure to provide full disclosure will disqualify the disingenuous. Clients must first prove that they are qualified, not the other way around. Until the client is accepted by Compliance, the Traders, and Trading Banks, no placement can occur. The U.S. Patriot Act has introduced obligatory compliance procedures.

Face-to face interviews with compliance officers and program management are occasionally required, but generally not necessary. Any arrogant or demanding personality will be guaranteed to be rejected.

Only the principal owner of funds is required as signatory Corporations must empower an Officer or Director as sole, exclusive signatory by using a Corporate Resolution. Not only do the funds have to be on deposit in an acceptable bank; they must also be in an acceptable jurisdiction.

It is felony fraud to submit documents or financial instruments that are forged, altered or counterfeit. Such documents are promptly referred to the appropriate law enforcement agencies for immediate criminal prosecution. The practices, procedures and rules are determined by the U.S. Federal Regulatory Authorities, Western European Central Banks program management, licensed traders and trading banks. It is their decision whom to accept and whom to reject.

Contract terms, yield, schedules, etc., are made to fit their needs and schedules – and not the caprices or demands of the investors. This marketplace is highly regulated and strictly confidential, and absolute confidentiality by the investor is a key element of every contract. A client who breaks confidentiality will precipitate instant cancellation.

Finally, submission of the application documents to more than one management group at a time is termed "shopping". If an investor "shops" he can expect that this fact shall be quickly disseminated and known among the program management groups who maintain close communication – and will then be accepted by none and rejected by all.

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