The ES fucutures are trying to form a bottom as of 5 AM in New York. Downtrend channels remain in force, but will be challenged at 3900. The battle will be fought and decided at that level.
I will be back later this morning with a live repor…
The upward path of prices got slammed at midweek, just as the S&P 500 had crossed the centerlines of a couple of channels. The index…
Monetary policy can be implemented through outright purchases or sales of securities, which permanently changes the size of the Federal Reserve’s System Open Market Account (SOMA) portfolio.
Today’s Fed QE
First, I want to repeat something I wrote in January: 1/18/21 A while ago I made the huge call that the stock market would follow…
I have warned for several years that such stock retirements are a two way street, that when prices get high, companies will reverse course and start issuing more stock. That is starting to happen.
I’m not fond of self-promotion, but I would like to support Jonathan Doyle’s “The Supply Side” podcast. Jonathan interviewed me this week. Click here.
I found the Powell press conference problematic. After less than glorious market responses to his recent congressional testimony and WSJ Q&A session, I would have thought some tinkering of his messaging was in order. But Powell doubled down.
The rights of ownership of an asset are the right to control, the right to income, the right of exclusive use, the right to sell.…
Oops. Looks like the Fed’s magic (and our luck) have finally run out.