Tail Wags Dog: Fed 'Beige Book' Provides Rationale for Dollar Buying

Wall Street professionals wiped off all the poop from yesterday's 300+ price collapse on the DJIA and set about to bidding up risky assets to even riskier levels, sending the Dow and other averages soaring to new all-time closing highs.

Making matters even more preposterous, sinister, or outlandish was the reading of the Fed's Beige Book at 2:00 pm ET, which sent the US Dollar index off three-year lows to near the highs of the day at 4:00 pm ET, the closing bell on Wall Street.

If there's a soul left on the planet that hasn't bowed to the power of the Federal Reserve and its host of central bank and commercial cronies, then that person is simply out-of-touch.

Silver and gold have wallowed near multi-year bottoms for four long years while stocks have gone absolutely ballistic. Paper promises are worth much, much more than solid gold or silver in today's phony funny money world.

It's almost enough to make one give up writing on the subject (pondered here nearly every damn day).

Today's gains on the Dow Industrials were the largest since the election of November 8, 2016.

At the Close, Wednesday, January 17, 2018:
Dow: 26,115.65, +322.79 (+1.25%)
NASDAQ: 7,298.28, +74.59 (+1.03%)
S&P 500: 2,802.56, +26.14 (+0.94%)
NYSE Composite: 13,352.39, +105.53 (+0.80%)