It seemed for a minute that reality would bring some semblance of market-pricing to U.S. and global markets, because it's much needed.
But then central banks stepped in... again. I knew they would.
No, I'm not surprised that, all around the world, central banks continue to manipulate market-moving pawns across a chess board. And by pawns I don't mean economies, I mean equity market prices for banks, bank debt, and sovereign debt.
What is surprising is how blatant central bankers are becoming about the manipulation.
Under these conditions, the market - let's call it the "Extend and Pretend Market" - has some big opportunities and some pitfalls for investors.