Dealers Prepare to Mark ‘Em Up, As Fed Propaganda Sets The Hook – Professional Editon

The market averages took a breather on Thursday, but the technical indicators, particularly cycle based screening measures, continued to strengthen. One showed the kind of strength normally only associated with the initial days of a significant intermediate upswing.

The release of the Fed meeting minutes propaganda was the ostensible reason for the shakeout in the averages. The Fed always has an ulterior motive with these things. In this case, it was to put the fear of God into speculators who might otherwise want to load up with oil, gold, and agricultural commodities. That might work for a few days, but as the Fed cash flows, it will have to go somewhere. Even if QE were going to end at mid year, 6 months with the Fed pumping $100+ billion a month into Primary Dealer accounts is plenty of time and money for the market’s owners to engineer some serious markups in their inventories.

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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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