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The Fed is doing just enough. Repo growth has flattened, leverage may be unwinding, and long term liquidity/sentiment measures remain historically extended. Yet nothing has broken. The bull is on life support, and the next 60 days will tell us whether the seasonal liquidity tailwind buys it another leg or the exits start getting crowded.
But that is not the whole story going forward. Here’s what you need to know.
This report explains and illustrates the facts that inevitably led to this outlook, and suggests how to view this context in your trading strategy.
This report disdains Wall Street mythology, shows the real data and illustrative charts that clearly define the issues. It suggests your investment strategy for dealing with the facts, as opposed to the Fed or Street narrative.
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