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Market Driven by Central Banks

By Richard Russell

 

I've been reading about all sorts of global scenarios, many of them almost too wild to consider. My thinking now is that it's impossible to construct an accurate scenario with so many cross currents going on in the world and in the stock market.


The markets on Friday gave us a few hints as to what lies ahead. The Industrials again pushed above 17,000. The Transports dropped triple digits but remained above 8,000. And the increasingly important Nasdaq rose 16 points and is just shy of 5,000.

 

This market is trading strictly off the possible actions of central banks.  The stock market has lost much of its predictability and now operates as an attempt to out-psyche the central banks.

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America's love affair with football is fading. To take it's place, soccer. Boxing has also faded out. The kids watch mixed martial arts and they're not interested in boxing. Boxing was a product of the Great Depression. Conclusion: Say goodbye ... Log in or subscribe to continue reading.


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