The Treasury began its massive paydowns starting with $11 billion on the weekly bills today, to be followed by another $32 billion in net payoffs of Cash Management bills tomorrow. The Fed not only did not drain any of that off, they added a net of $3.3 billion via $9 billion in 14 day repos and $7.25 billion in 4 day repos, plus $1.329 billion in an outright coupon purchase, against $14 billion in expirations. The pigmen let out a “Huzzah!” and shouted, “Let’s get this party started!” Click here to download complete report in pdf format (Professional Edition Subscribers).
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Last week’s selloff did less damage than it may have felt like. The drop stopped in the area of 3 crossing uptrend lines, ranging in length from short term to long term. Here’s what would tell us whether the uptrend is still in force, or signal that something evil this way comes.
I have added 8 new stocks to the swing trade chart pick list, including 2 shorts.
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These reports are not investment advice. They are for informational purposes, for a broad audience of investment and trading professionals, and other experienced investors and traders. Chart pick performance changes week to week and past performance may not indicate future results, as you know. Trading involves risk, and these reports assume that you understand those risks and manage them according to your tolerance.
