It’s been a while since I have done an extended long term update. The market is at a juncture here where it’s opportune for some additional comments on the long term picture which I have included here. If you think that it’s murky you are correct. There’s simply too much riding on how the Fed reacts to current and near term future developments. Is more QE a done deal? The trial balloons out of the Fed in recent days are starting to look like water balloons, opposing Fed factions lobbing them at each other. In the meantime, let’s focus on the short to intermediate term technical picture to try and glean some clues.
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