This is just too weird.
Following the crowd would have made you the most money. But now what?
That’s the next S&P fucutures 5 day cycle projection in this perfect stairstep advance. It feels disorderly during the day, but trends don’t get much prettier than this on the charts.
Today’s scheduled purchase is an unusually large one for a single day. Here’s why, and why it could top out the market.
Excellent discussion last night after I had gone to bed. For those of you unaware I’m in Your Rope and it is 6 hours later here than back home in ETUS.
Term and Type: 1-Year 11-Month FRN
High Discount Margin: 0.055%
Total Tendered: $62,752,279,200
Total Accepted: $22,000,228,200
There will be a severe shortage of QE next week to match up with the end of month Treasury issuance. Bears have a shot there,…
Really what else can you call a market that does this with 30 million unemployed, as many unable to pay rent or the mortgage, some starving, and thousands dying every week from a virus that the Regime keeps trying to cure with bullshit fake remedies.
Sickening.
But none of that matters. There’s only one thing that matters.
The Fed buys the paper from Primary Dealers. The dealers act as middlemen or straw men, acting on behalf of the Fed.
Yesterday we left with a couple of the intraday cycle projections pointing to around 3440 on the ES fucutures. Well here were are in the wee hourse, and voila! Done!
Will it still be there in 5 hours or so when NY opens? Stay tuned.