The Fed is playing a new game. The problem is that nobody knows what the rules are, not even the Fed. In fact, nobody even…
This was supposed to be the regular Composite Liquidity Update, but we have a slightly more pressing problem at hand for the opening of banks…
It’s that time of the month again. The tax collections are complete for February so we know how the jobs market really did for the…
I received some great questions from Ken up in Canada. I want to use them as a jumping off point for trying a different, hopefully…
Yesterday, February 15, 2023, a day that will live in… nobody’s memory, the S&P 500 closed at 4147.60. It first notched that price on the…
The stock market rally has stuttered and stumbled over the past 9 days. We now know why and, knowing that, we can forecast what comes…
I started this update before the jobs report, was interrupted, and came back to this Yooge upside surprise. I apologize for this reading being disjointed.…
Composite liquidity is flat and will remain so until the Fed restarts QE. That should be bearish, but it’s not right now. There are a couple of reasons for that. And they are reasons to hold off from looking to get short right now. But are they reason enough to go long? Here’s the answer.
When we last looked at Primary Dealer positions and financing in November, it looked like the dealers were in dire straits. Massively leveraged in the…
Federal withholding tax collections soared last month and continued to do so in the first few days of January. I wondered if this was an…
