### Comment:
Our leading indicators are still pretty solid.  Earnings season was insane. Everyone thought our GDP would slow and it said “fuck you “Murica doesn’t give a fuck.” There is uncertainty about the trade talks but smart money is betting there will be a deal. The yields are being a little fucky but people forget they have to stay that way for months before it’s a real signal.

### REPLY:
That GDP is not sustainable. Things will slow down and we’re seeing it now. Fundamentals like being at full employment will eventually have an impact and things will stagnate. We’re not ready for that type of stagnation. The market isn’t properly pricing in risks is all I’m saying. If it was we wouldn’t have 20% drops and 20% rebounds like we did between December - April.

### END.