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The Fed did not expand its balance sheet again this week. Fed credit dropped by $1.8 billion. However, Fed credit funneled through the Primary Dealers rose by a couple billion and the Treasury let the market off the hook by only settling $1 billion in new debt. That set the stage for this week’s stock market meltup. I suspect that a massive wave of short covering also provided much of the fuel. The combination of light pressure from the Treasury and heavy short covering are not sustainable for long. Click here to download complete report in pdf format (Professional Edition Subscribers). Try the Professional Edition risk free for thirty days. If, within that time, you don’t find the information useful, I will give you a full refund. It’s that simple. Click here for more information.

Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also provide analysis and charts for David Stockman's Contra Corner which I developed for Mr. Stockman. I’ve had a wide variety of finance related jobs in the past 44 years, including a stint on Wall Street in both analytical and sales capacities. Prior to starting the Wall Street Examiner I worked as a commercial real estate appraiser in Florida for 15 years. I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. My perspective is not of the Ivory Tower. It is from having my boots on the ground and in the trenches of the industries that I analyze and write about today. 


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