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Pento Portfolio Strategies LLC Pentonomics & Press Lemmings in Full Gallup Towards Cliff October 2. Its official…the stock market has broken above 2. Wall Street. The forward 1.

PE ratio is 1. 8, compared to the 1. The 1. 2- month trailing PE for Pro- forma earnings, which takes into account non- recurring items that seem to recur ever quarter, is trading at 2. But on a reported earnings basis—the number you report to the SEC under penalty of the law and according to GAAP standards- -the 1. PE is 2. 5. 5 times earnings. The S& P 5. 00 was 6. March of 2. 00. 9 and it is trading at 2,5.

It has risen to such an absurd valuation that it is now destined to absolutely crash. The market's incredible ascent is a direct result of central banks that have printed $1. This has compelled investors to pile into passively managed ETFs that indiscriminately send the stocks contained within it higher regardless of the fundamentals. But once central banks become sellers of those assets the exact opposite dynamic will become true.

Those asset sales will cause massive ETF redemptions on the part of the investing public, which will send individual stock prices plummeting and push ETF prices into a death spiral. Watch Lion`S Den Online. Therefore, we should all be fully aware where all the inflation created by central banks ended up.

This isn't your typical 1. CPI to 1. 5%. Instead, the inflation has settled into asset prices, and the scenario is such that makes the conditions leading up to the Great Recession seem tame. The S& P Core Logic Case Shiller National Home Price Index hit an all- time high in July; and this index is up 6.

Perhaps it is the unabated rise in home prices that has led Quicken Loans to recently offer a 1% down payment on home mortgages—as if offering mortgages to people with no skin in the game is a new and exciting idea! The market cap of equities is 1. GDP. For comparison, it was 6.

GDP in 1. 98. 7 before the Dow dropped 2. And Charles Schwab Inc.

Add to this the record- high level of margin debt, minimal cash reserves, $3 trillion piled into passive ETFs (up 2. But the greatest bubble in the history of bubbles resides in the sovereign bond market.

The incredible $8 trillion in negative yielding sovereign debt and the unfathomable $1. With markets this frothy there are good reasons to be cautious and to have a plan to protect your profits. Here are some of the landmines that are set to explode shortly.

First, we have the Quantitative tightening, or reverse QE, on the part of the Fed. In September of this year, Janet Yellen unleashed plans to reduce the Fed's 4. Starting this month, $1. Treasuries and $4 billion of mortgage bonds- -will be peeled off the Fed's massive balance sheet. The amount of bond sales will slowly increase until they get to $5. October of 2. 01. After that, the monthly reductions will remain steady until the balance sheet is paired down by about $2 trillion.

Then we have Mario Draghi, Head of the European Central Bank (ECB). His program of buying 6. Watch Green Lantern: Emerald Knights Online Full Movie on this page. December; and the ECB is expected to announce the tapering schedule for its QE scheme on October 2. In addition, we have escalating geo- political and military risk in North Korea and in Iran. By refusing to certify the Iranian Nuclear deal, President Trump has gotten under the skin of the terrorist- sponsoring nation, which has recently felt compelled to do some saber- rattling of its own. And then we have Trump's favorite Twitter nemesis known as the North Korean rocket boy, Kim Jong un.

A few days ago the North Korean deputy U. N. ambassador cautioned that the situation on the Korean Peninsula, "Has reached the touch- and- go point and a nuclear war may break out any moment." He further warned that, "The entire U. S. mainland is within our firing range and if the U.

S. dares to invade our sacred territory, even an inch it, will not escape our severe punishment in any part of the globe." On top of this poop sandwich is the huge decline of earnings growth of the S& P 5. For 2. 01. 7, the Q1 year- over- year earnings was 1.

Q2 came in at 1. 1%, but FACT Set is projecting Q3 will come in at a paltry 1. Therefore, the only factor keeping the market still afloat is the misguided hope that Trump and Congress can deliver on sweeping tax cuts. Trump has assured that even though he, Mitch Mc. Connell and Paul Ryan have gotten nothing done on other major legislative initiatives to date, they are poised to deliver the biggest tax relief in the history of our country…or even the world. However, with the Border Adjustment Tax gone and state and local tax deductions on life support, broad- based tax reform is becoming impossible to pay for.

This means only a small tax cut is in play for next year because in order for the cut to comply with the Byrd rule under Reconciliation it cannot add to the deficit outside of the 1. A short- term tax cut isn't something most in D. C. espouse and its economic effect would be minimal. Very soon it will become evident that there will be no significant tax reform, or cut, coming to support market prices—if one is to arrive at all. When combined with the credible threat of WWIII, central bank asset sales and the collapse in earnings growth; equities are very likely to fall "big league." The key is to have a hedged strategy in place now that is designed to profit while we await the inevitable chaos to begin and to capitalize on the downfall once it starts. You still have time to extricate yourself from the Lemming herd that is about to take its third 5. Michael Pento produces the weekly podcast "The Mid- week Reality Check", is the President and Founder of Pento Portfolio Strategies and Author of the book "The Coming Bond Market Collapse".

China Wants the World's Reserve Currency October 1. In the aftermath of WWII the American economy was that shining city on a hill.

After saving mankind from the Nazi's, America had the only intact manufacturing base and was the repository for most of the world's gold. Those circumstances propelled the US dollar to world's reserve currency status.

And for the past seventy years, this status has been the cornerstone for America's power base and hegemony around the globe. But the 1. 96. 0's ushered in a time of great fiscal mismanagement. President Johnson's dual wars on poverty and Vietnam led to worldwide distrust about the greenback's purchasing power in relationship to gold. This eventually led to Nixon's baneful decision to close the gold window, which untethered the exchange between gold and the dollar. The pillar of the dollar's dominance had been the 1. Bretton Woods System that pegged global currencies to the dollar, which was in turn was linked to gold. After the Bretton Woods system was broken under Richard Nixon in 1.

Washington elites and OPEC created the Petrodollar system; where commerce in oil—and most commodities—was mandated to be conducted in U. S. dollars. Coupling the dollar to oil allowed the greenback and the United States to enjoy another forty years of King Dollar. This dollar- dominance has given America a lot of discretion in running massive current account and fiscal deficits by enabling it to borrow money at much lower yields than would otherwise be the case without mandating foreign creditors to hold huge currency reserves. But now the greenback's role as the principal currency in which commodities are priced is being challenged. China is leveraging its rise as an economic power and consumer of hydrocarbons to displace the dollar's dominance in the Persian Gulf and in the former Soviet Union. This will have a deep impact on demand for the U.

S. dollar, which will in turn impact yields on Treasuries- -and should ultimately threaten America's strategic position around the world. In what is being billed as the most important Asia- based crude oil benchmark, China is launching a crude oil futures contract priced in yuan that will be convertible into gold. And this has a lot of significance given that China is the world's biggest oil importer.