DrStool

I don't see a material difference or impact there. It was always assumed that they'd go to zero MBS. In my view, the issue is whether they go back to printing or not. A flat balance sheet would still be a grinding disaster considering the onslaught of average $100 billion per month in new Treasury supply. Here we have a rally based on hopium and driven by a massive increase in leverage, not permanent (or semi-permanent) central bank money.

I'm ranting on Twitter. https://twitter.com/Lee_Adler

will end very badly if Fed doesn't print

Leverage.

No ifs, ands or buts. This is the ball game. The whole enchilada. The whole ball of wax All the marbles Do or die Make or break.

We absolutely need to take it to the bank here or we're dead. Must break below 2780.

Students for a Democratic Society?

Top is in.

The Fed has a Bulltard, Braintard, KashnKarry, Chairman Pow, Loretta the Molester. Who else?

SPX drops below the 2 day and 5 day cycle lines. 13 day is at 2780 but it has been oscillating around that line.Needs to break 2775 for a clear breakdown.

The stock, not the metal.

Woo. I put out a BUY on AG this morning before the open. Let's hope it's only the beginning.

Clearly, all of my observations about central bank liquidity and the stock market are wrong. I should start a travel blog.

The only calling lower than central banker is politician.

5 day cycle projection 2812.

The dog didn't shit.

Kissed the 5 day cycle line in the first 10 minutes, then off to the races.

Would seem so

2764 is the key level. Bulls in control if it holds. Bears have it if it breaks.

Down 6. Sell everything.

Central bankers are not astronomers. If they were smart enough, they would be.

Helluva lawyer, Johnnie was.

If the dog don't shit, you must acquit.

I'm in the "Something has to give" camp. TIming is the issue. I'll work on that tomorrow. Still recovering from bronchitis today so will make use of some nap time today. 3:20 PM a perfect time. Leaving Nice in 4 days. If you have never been here, make it a point to spend at least 5 days here one day. It's the best of Europe all in one place. I do hope to return here as a semi permanent expat later this year. I do love those muggy summer nights in Philly though, so we'll see.

Awful