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It’s fascinating to see how the trillions of dollars of “help” during Covid have reversed. I do not pretend to understand this stuff, but I offer it to brighter minds than mine. All I see before me is a near complete reversal of what was transpiring in 2020/2021. First there’s the Reverse Repo, which for the life of me I cannot get through my thick skull:
Using liquidity data from the Federal Reserve was all the rage a couple of years ago on Slope, but I don’t mention it as often as I used to. I’d like to make an exception today, because I was quite taken by the chart created with this easy-to remember symbol:
(((FR:WALCL-((FR:WTREGEN1000)+(FR:RRPONTSYD1000)))/1000)/1.1)-1625+(FR:H41RESPPALDKNWW/250)
The juicy stuff – – and, yeah, it’s pretty juicy – – is below just for paying subscribers, so here goes:
(more…)Now that we’re in the thick of the earnings season, and with the market more-or-less making lifetime highs every day, I thought it would be helpful to reflect on some of the big indexes.
On the one hand, there’s a lot of new buying power (notably, massive corporate buybacks) that are going to come back on the scene in a few weeks, (as well as improved seasonality), so maybe we’ll be at 6,000 on the S&P 500 in no time, yet on the other hand, some of these indexes look like they’re sputtering at these lofty levels.
The NASDAQ Composite is close to making lifetime highs, but it spent the week stuck at that dashed line, which represents the now-sealed price gap.
