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Happy Friday, everyone. I am composing this, as I normally do in the mornings, well before the opening bell. I wanted to make a point of saying that since for some reason the cash open seems to do weird things to the market, so my observations are based on pre-market data.
When I called it a day last night, all the equity futures were crumbling lower, but, how about that, Powell & Company have saved the day again with an inverted H&S on the /ES.
What a difference a day makes! Yesterday (that is, Wednesday) the market went straight up all day long, without a single downtick, and the reason was………..
So………an investment bank, which has every reason in the world for stocks to go UP, told the world to BUY stocks because of a “whisper number” they made up, since the number in question wouldn’t be distributed until the next morning. Yet this nation, saturated as it is with Philistine pig-ignorance, gobbled it up like mad.
(more…)And the Fed is listening.
Yesterday I made a sarcasm-tinged post about the parade of Fed jawbones in the media and the coordinated and thus comical desperation they seem to exhibit. The stern message is that the Fed Funds rate could be raised at any time (which is possible even before the next FOMC meeting on March 16, in my opinion).
(more…)This is clicking along absolutely picture perfectly…………vastly lower prices ahead. By the way, if you like analogs, we’ve got a treasure chest of them right here.
