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Well, I have been nervously waiting all evening for dildo-san Kuroda to announce what his latest shenanigans are from the Bank of Japan, and now we finally know. They’ve announced a two-pronged plan consisting of:
The USD/JPY is reacting accordingly………
NDX is in a sloppy looking pattern, is dropping into a support zone and needs to hold the moving averages to avoid going from sloppy to bearish. Captains like Alphabet, Facebook and Apple are shaky to bearish and obviously valuations are starting to matter. NDX is down another 1+% in pre-market.
While the entire U.S. population slumbers under the suffocating gas of Central Bank Printing the cracks from totally stealing an entire populations disposable income is coming home to roost on the the beautiful people’s companies. The FANG’s, plus the Noveau rich’s favorite food emporium is starting to collapse. It is these companies collapsing that will bring the visibility and fear required to shake the market, and free the bears. Why?
This is this generation’s Nifty Fifty, in the sense that it totally dominates the young people’s waking life (I know, I have a 15 year old), the California chattering and Chardonnay class, and the Investment Bankers seeing their Unicorns racing back to Atlantis, and with it billions in fees and investor’s fortunes.
Apologies for the late post today. A very busy morning.
The FOMC news today is likely to be that there is no news, that interest rates won’t be rising this month, and there’s no press conference after 2pm to add spin to the announcement. Nonetheless markets will likely move on this absence of news, and I’ve been considering which way that might go. The bad news though is that there are decent setups in both directions here.
