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aussiebear

World Stock Markets Trading Discussion - Jerky joystick

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How much did buybacks boost the market in Q2. WSJ says about the same as Q1 record $189 billion, if I read that correctly. 

 

Companies in the broad index bought back $189 billion in the first quarter, according to S&P Dow Jones Indices, and are on pace to be about flat in the second quarter.

 

https://blogs.wsj.com/moneybeat/2018/07/31/apple-drives-stock-markets-buyback-spree/

 

It was a one time windfall, thanks to the corporate tax reduction. That's a lot of spending to not drive the market to new highs.  

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Regardless of what they say here, there's one fact that stands out. This is the tightest monetary policy in the history of the world. 

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The change in corporate tax rates have delayed the inevitable. Repatriating all that cash was a one shot deal. It's done. 

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You know if a war  would start there is no way the Fed will continue  with QT.  

 

It is sometimes forgotten that in the months after 9/11 Greenspan made something like 25 visits to the White House.

 

Just saying.

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A close below 2800 would kick this downward decline into high gears...

 

No change on the remaining short from 2820...

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Not much of a reaction to the Fed statement yet.

 

The days after fed meeting the markets been down big 3 out of the past 4 announcement. 

 

Jan - SPX 2840 to 2540 -- -300 points

March - SPX 2760 to 2560 -- 200 points

May - SPX 2660 to 2600 -- 60 points

June - SPX 2800 to 2700 -- 100 points 

 

If history is a guide, we should trade down in the coming weeks to 2700 area.  

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Half kidding I'm looking for support in the 2420 area. That was the low on 8/21/17 the day of the total eclipse and that was a six week low. 

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