This market is deep in la-la land

Today's slide deck: https://bit.ly/3JjMB07   - Today we wax extremely cautious on the market, which has too aggressively climbed the wall of worry of late even if we were to pretend that the Russian invasion of Ukraine had not happened (many market have come full circle since that momentous and tragic event). That's because we also need to consider the implications of a much tighter Fed going forward, starting with tonight's FOMC meeting, margin pressures and other factors. We also look at worrying signs of market dysfunction, from the recent Nickel blow-up, to chaos in a VIX-tracking ETF and commodity traders struggling to raise enough capital. The three worry-warts on today's pod are Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX. Intro and outro music by AShamaluevMusic