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I’m in the amazing city of Krakow, which most Americans have never heard of. It is a city of about 750,000 population at the center of a metro area of 1.75 million. It is one of the most beautiful, history laden cities I have visited in Europe. Yet, in many ways it feels very familiar. I have posted lots of photos at https://www.instagram.com/200daysineurope/, with many more to come.
After my 11 day semi vacation of whirlwind travel, from today on, I’ll squeeze excursions between my work commitments. I’ll be at Auschwitz tomorrow, then back to Krakow, then on to Warsaw for at least a month, where I’ll do some extended ancestral research.
But now it’s time to get back to work on a regular schedule! I miss our daily excursions into the bowels of the financial markets.
The market has reached some of our very short term projections with more to come. I have posted the extended outlook at Liquidity Trader.
Here’s our intraday outlook. 5 day cycle projections still point to 4385 but 5 day cycle indicators are currently on the sell side. Who wins? Normally the bulls. Is this time different? I don’t see why it would be. Especially because we’re coming into the Fed’s MBS settlement week, which nobody pays any attention to except us. They run from Wednesday to Wednesday ahead and total a ridiculous $127 billion. Bullish. I will post an updated QE outlook over at Liquidity Trader later today. Here’s the latest on that.
This overnight pullback has run into support at 4340. They would need to break that to get anything going on the downside.
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