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Ben Says Whip Deflation Now- It Works! Professional Edition

The markets laughed in the face of adversity on Thursday thanks to massive infusions of cash from the Fed in no strings attached direct purchases of Treasuries and Agencies from the Primary Dealers. Leveraging that cash stake the PDs had just the right time and knew just the right place to put a little pressure on the shorts where it would hurt them.

The Fed’s balance sheet data tells a fascinating story this week. It shows that the Fed’s manipulations are working for the time being. But the current level of support my not be enough to keep the market from dropping back as Treasury supply begins to build in May. The last two weeks of April will see reduced supply thanks to tax receipts.  That makes those two weeks favorable for rally conditions to persist if the Fed keeps its pedal to the metal.

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? 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. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 


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