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World Stock Markets Trading Discussion - Hooded hiss


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All Ords 5-day chart

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http://bigcharts.mar...com/default.asp

 

All Ords closed +0.2% with sectors evenly divided: Miners +2.7%, Gold +2.2% down to IT -1.2%.

Over in Asia, China -0.7%, Hong Kong +0.4%, Japan -0.5%, India currently +0.4%.

UK/Europe mixed on open: FTSE +0.8%, DAX -0.3% and CAC +0.4%.

 

big.chart?nosettings=1&symb=UK%3AUKX&uf=

  

  

big.chart?nosettings=1&symb=DX%3ADAX&uf=

 

 

big.chart?nosettings=1&symb=FR%3APX1&uf=

  http://bigcharts.mar...com/default.asp

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To this inexpert eye it doesn't look like the Treasury is going all in on refunding their checking account. They may regret this as currently there is no debt limit so they can borrow as much as they want. In March that ends. If ever there was a time to have TBAC's $500bn rainy day fund in place this spring might be it. Or maybe they will crush it at the end of Feb.

https://www.treasurydirect.gov/instit/annceresult/press/press_cashpydwn.htm

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In reality, the Dow did not break out. The 3 peaks are on slightly rising channel line. In technical analysis we call these peaks on a rising trendline: tenors. In this case we have the Three Tenors. The fat lady already sang. 

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Cripes, I forgot, Fed words. 

“The Committee continues to view changes in the target range for the federal funds rate as its primary means of adjusting the stance of monetary policy,” the statement said. Though the Fed added that it “is prepared to adjust any of the details for completing balance sheet normalization in light of economic and financial conditions.”

Is he kidding himself, or just us. It's so perfect. Words are how policy is adjusted. The balance sheet?  Oh never mind that.

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The Dow and SPX chart patterns have now unmistakably broken out. The market is reading the Fed as having capitulated to a 20% decline in stock prices. 

I'm not sure that this judgment matters. It matters today. But it won't matter in the long run unless the Fed actually does print. 

 

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