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Tag Archive for ‘POMO’
New record highs on the $SPX. Financials up 12 days in a row, trannies up 16% since the October bottom and the $DJIA up over 1,700 points in 17 days. A stunning rally by any definition and indeed one could make the argument it is different this time. Just a look at the monthly $VIX reveals a monthly candle thumping the likes of which has never been seen before: And a look […]
Nothing like economic misses and central bank QE chatter to get markets back on rally track. As I’ve been outlining in recent weeks the case for a bullish run into the 1970s was strong. Now that we are here and 8-9% higher from the lows less than two weeks ago what’s the verdict? Mine is that it’s garbage until proven otherwise. Not even including today’s gap driven ramp I’m watching the high/lows […]
This morning’s quick spurt off the lows, courtesy ECB rumor inspired, made it again clear that markets need and want QE to rally. Janet Yellen is facing the first real decision of her chairmanship this week and must decide between credibility and outright pandering. All we know is that since 2009 equity prices have not been able to sustain higher prices without QE. Now if the Fed goes the credibility route […]