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Macro Liquidity Indicators and extreme leverage continue to suggest that the stock market is in a topping phase.
Raw margin data is useless for market forecasting, but when viewed as a ratio to investor cash, a clearer picture emerges.
I track weekly real time cash flow data from the Fed and Treasury that foretell the next moves in stocks and bonds.
It’s the same data the big trading desks watch — but you see it here without the Wall Street spin and with my 58 years of market perspective seen in clear cutting-edge proprietary charts and analysis available nowhere else. Not even from the Wall Street giants.
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