Well, the nauseating news this morning is that the Central Bank of England, which “temporarily”: stopped QT and fired up QE on all thrusters, pledging to stop the program this week, has extended and expanded its bond-buying. Central bankers simply have no other ideas. Just keep trying to out-print each other. Thus, what had been a nice fat wipeout in equities has been totally reversed. As I am typing this, every single stock futures is goddamned green.
Coincident with this, a hearty 4% wipeout in crude oil has also largely been undone, although it’s still down some.
For this energy bear, the good news is that the broad motions seem to have switched from up-channel to down-channel.
This is all just noise, though. I still don’t know what the big deal is about England’s economy. Seriously, what do they manufacture there besides bad teeth and financial products? Still, the lies of the central bankers (“it’s only temporary; honest!”) have been back-pedaled once more. The key event, of course. is in 48 hours (the CPI), so we’ll all just have to wait for that insanity.
UPDATE: The millisecond I published this, every market started falling. You’re welcome.
