Macro Liquidity Pro Trader

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Will A Bear Market By Proxy Roll Out of China?

Macro Liquidity

The Composite Liquidity Indicator has been flat in recent weeks as it skirts the high set in January. Stock prices have mimicked that rangebound pattern with a temporary blip to the downside interjected last week.  The index is moving toward its 39 week moving average. The Fed has committed to “normalize” its balance sheet. While…

The SS Fed Sails Into Uncharted and Probably Stormy Liquidity Seas

Macro Liquidity Composite

The composite liquidity indicator edged to a new high this week, barely above the range of the past 5 months. Even with that pause, the trend is in much the same longer term path it has been on since 2012. Primary Dealer cash, the largest component, continues to grow due to the Fed’s MBS purchases.…