August 29-September 4, 1921

This week, the Dow's fresh low is met with suspicion and intrigue.

Quick Stats:

  • DJIA: 64.98 (Today: 35,456)

  • Shiller PE Ratio: 5.4 (Today: 39.2)

  • Federal Reserve Bank of NY Discount Rate: 5.5% (Today: 0.25%)

  • GBPUSD: $3.69 (Today: $1.38)

  • Price of The Wall Street Journal: $0.07 (Today: $4.00)

Market-Moving Themes:

  • Sentiment remains lukewarm towards stocks despite the perfect setup (equity, debt markets)

  • Raw material prices continue easing as wartime shortages abate (commodity markets)

  • German reparations hang over foreign exchange (currency markets)

Executive Summary:

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