We may still find out just how bad things are. Because the dealers remain leveraged to the hilt. And there’s one more thing.
Governor DeSantis takes credit for Florida’s better than expected performance in the state’s numbers of COVID19 cases and deaths.
We knew this was coming. $265 billion in MBS settlements for May are almost done. Now we reap the whirlwind. Here’s what to expect and why it’s time to GTFO.
Rangebounds markets all sound and fury. Here’s where this is headed today.
The gold miner stock index has broken out and the metal looks poised to do the same. Here’s what to look for, including short term to long term price projections.
The market has now been rangebound for 5 weeks, leaving the cycle picture muddled. Wave amplitude remains relatively high, while frequency has increased. If the recent pattern holds, the market would top out on Thursday. But what if it doesn’t cooperate. Here’s what to look for to signal what comes next.
The numbers continue to improve for the COVID19 epicenter in the Northeast. The following chart looks at the numbers on a week to week basis…
Treasury issuance has caught up with QE. There are no more excess funds lying around for dealers to use to mark up stock and bond prices. The balance has shifted. It’s not as bullish as it was, that’s for sure. And it could get much, much worse in the weeks ahead before the Fed reacts.
In normal times, the Federal Government has a revenue windfall in April, and runs a large surplus for the month. Revenues are typically at least 140% of outlays. Even more in good years.
Revenues covered just 24% of outlays in April. We borrowed 76 cents of every dollar the Federal Government spent last month.
We knew this was coming. The questions now are how long it can last, when it will start to recover, and whether it might get worse.
Last night the S&P futures needed to break 2828 to break the uptrend. Of course it did it by 5 points, and that was it. Boom! Up, up, and away!