The market opened with the Dow down over 100 points. It seems to me that the market is now locked into a trading range. There are now 6 distribution days for the NASDAQ and 5 for the S&P. Today's Financial Times features a front page story regarding deflationary pressure in the world economy. This should inspire the central banks to spew forth even more fiat currency. Janet Yellen, take it from here.
It’s a mystery. How many items can be manipulated – gold, short rates, bonds, long rates, the stock market, the dollar, the CPI, and the economy. All of these are being juggled. The overall situation is unsustainable. Some area is going to give, and my guess is that the dollar will be first. Meanwhile debt continues to expand in almost every area. The Fed now owns over $4 trillion in assorted bonds. How they’re ever going to get rid of ... Log in or subscribe to continue reading.
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