The S&P 500 closed on its 5400 support level, which will not hold. The first key Fibonacci level of the current bull market, which began in October 2022, has been taken out, and the .618 at 5132.90 (4.89 percent lower) is now in play—and, at least to us, is a done deal.

This is not your normal correction, folks. The rules of the game have changed. The Fed put is off the table unless the market suffers a disruptive crash. The post-WWII global economic and political system is no more, and the clowns (except a few) running the show in Washington have zero idea what they’re doing. To paraphrase Will Rogers:

We don’t fear what they don’t know, but what they do know—that just ain’t so.

We are only buying French Dips, and we’re tightening up our seat belts.

Stay frosty, folks.