By Richard Russell
The economic news and the business news is so wild and contradictory that I’ve given up news analysis and just stick with the movement of the averages. As I look at the market half an hour before the close, the Dow is up 81 followed by Transports up 15. The increasingly important NASDAQ confirms the rise and is up 10. At the same time, gold is up 5 to 1265.
In its effort to thwart deflation, the European Central Bank has now resorted to QE. Thus the battle for lower currencies continues. The ever-growing quantity of fiat money rises like a cloud over the economies of the world. Economist John Williams is convinced that all this will lead to hyperinflation. He may be right, but I don’t see any sign of it yet. Based on what I read, the position of the funds is that they are bears loaded with stocks. ... Log in or subscribe to continue reading.