Fading Omnipotence

heavy is the head that wears the crown

The week so far has been quite clean. We had the DeepSeek plunge on Monday and the everything-is-just-fine-you-big-sillies countertrend rally yesterday, which undid most of the fun. Today, of course, is the Jerome Powell show, and my hunch is that he's going to let the air out of the tires again.

You wouldn't know it looking at the /VX futures, though. V…