The market has sold off overnight again, but it’s trying to find its footing and hourly indicators are bullish.
The market action of the past 36 hours suggests that the money is gone.
Here’s a look at how the stock market sets up and what you should look for and expect today.
The futures continue the pullback that began a day after Jaysus Powell promised that the Fed would do whatever it takes to keep the US economy afloat, including slaughtering grandparents.
For his next trick, will Jaysus Powell walk on water? Prepare to be awed.
Meanwhile here’s a look at how the stock market sets up today.
The futures are pulling back this morning a day after Jaysus Powell channeled Mario Draghi and promised that the Fed would do whatever it takes to keep the US economy afloat.
It’s Fed Carnival! That’s in honor of the Fed bailing out the sinking Carnival Cruise Lines. What will it think of next to bail out its cronies, and the markets? Here are a few thoughts.
Meanwhile here’s a look at how the stock market sets up today.
The Fed is absorbing just a fraction of this week’s massive Treasury issuance, but stock futures continue to levitate and have broken through a key resistance level. Smoke and mirrors, or just smoke from burning cash.
That’s because the dealers and their institutional customers need to absorb $241 billion in Treasury issuance this week. How the hell are they paying for that? The Fed is only covering a fraction of that this week.
The Fed is really tightening the screws on Primary Dealers this week. So far, stock futures traders are laughing and farting in the bears’ general direction.
The Fed has spent a couple gazillion over the past two weeks and the stock and bond markets have only been flat. Is that a good thing? I doubt it. Looking ahead, the Fed won’t be pumping enough to keep the dealers afloat.