Apparently the cash generated by the ECB’s second big LTRO operation has yet to be deployed in the markets, which leads us to the possibility that the boat was already overloaded on the buy side (See Treasury report). But that cash is out there, and once the profit taking dries up, the composite liquidity indicator suggests that another attempt at a new high for the rally is still likely. That outlook could change this week, with a couple of the components bullish but extended to the upside and due for downturns.
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