Professional Edition

Waiting For The Other Shoes To Drop

The Fed’s balance sheet and US banking indicators remain in the calm before the storm. Or to borrow another cliché, we’re waiting for the other shoes to drop. There are two of them. One will be when the Fed commences actual balance sheet reductions. The other will be when Congress raises the debt limit.  Those…

Charts Still Not Looking Good For Bears

The down phases in the 6 and 10-12 month cycles have only manifest as slowing upside momentum as prices have continued to trend higher. Market Update Pro subscribers click here to download the complete market update, including the proprietary cycle screens report in pdf format. Not yet a subscriber? Try the Market Update Pro risk free…

Where Did All The TLTRO Go?

We keep seeing reports that economic growth is breaking out in Europe. Wall Street in recent months has been touting “undervalued” European equities. Undervalued compared to what? The hysterical valuations in the US? None of this claptrap squares with the ECB’s monthly data on bank balance sheets. From that perspective, the European economy remains dead…