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With the news about the drone attack against Saudi Arabia this weekend, everyone has been awaited the opening of the electronic markets. The first shot across the bow finally came, with the US dollar plunging. The big event will be an hour from when I’m typing this, when crude oil and equities show up.
What an action-packed morning! The big event just took place, which is that Mario Draghi, in his fiscal swan song, pulled out every bazooka available for the European Central Bank. The Euro, already in a bear market going back for years, is falling yet again.
I only glance at FOREX currency cross-rate charts from time to time, but I found this one extremely interesting. It is the Chinese Yuan versus the Japanese Yen. Look ready to plunge to you? Yeah, I feel the same way.
I’ve got to work on one of my time-consuming but cool “anecdote from the past” posts; in the meanwhile, I’ll say this: anyone who thinks that crypto is experiencing some kind of resurgence is misinformed. One look at the $BTC volume will cure you of that notion. Crypto – – like drones and 3D print – – was a fad, and one which sucked down countless hundreds of millions of dollars of investment that’ll never be seen again. No matter what Altucher wants you to believe.
In the book Modern Money Theory by L. Randall Wray, the author declares of MMT (that is, Modern Monetary Theory) that it will go through three phases of public opinion.
First, it will be ridiculed. Second, it will be violently opposed. Third, and finally, it will be accepted as self-evident. I’m not sure if it will play out that way, but I’m here for offer an essay which is probably straddling the first and second phases.
Interestingly, this prediction was word for word what a certain Elizabeth Holmes declared in this video when she was making her final, desperate bid to save Theranos from its inevitable failure.
(more…)SlopeCharts is the best in what it does in so many different areas, but one that is often overlooked is its FOREX charts. Due to recent events, I’ve been very focused on the Chinese Yuan. If you go to the supposedly great thinkorswim platform, it’ll just stare at you stupidly if you type in the symbol (and this is a company that was bought for two-thirds of a billion dollars). With sweet little SlopeCharts, however, bang, it’s there instantly.
I was reminded of this because there’s a lot of chatter about the collapse of the Argentinian Peso. I was curious about this, so I zipped over to SlopeCharts and, God bless it, the chart came up beautifully.
(more…)As I’ve been preaching to Slope’s premium members, it’s all about the USD/CNY at this point. We’ve got more upside cooking tonight.
