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Month: March 2020

Fed Repeats the Mistake of 2008, Only Worse

With no prior announcement or clue, the Fed bought $37 billion in Treasury coupons from Primary Dealers on Friday. To pay for them it deposited $37 billion into dealer accounts at the Fed.

It was the largest single day POMO (Permanent Open Market Operation) purchase since the days of TARP and QE 1 in 2009.

It came without warning. I was so glued to the intraday live charts on Friday, I wasn’t even aware that the Fed had taken this emergency action until after the close.

We sure as hell saw the result. But this is only the beginning of this story.

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Gold Looks Set to Go Parabolic

Gold again challenged trend resistance and pulled back. This is a multiple choice test. Here are the answers. Only one of them is correct. If you do not know the answer, guess.

But are the miners dead? I’ll let you know.

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Lock Limit Down

The S&P futures are trading limit down at 2812 as I write this at 2:50 AM Eastern Time in the US.

I suspect that the PPT will be in action over the next few hours. Whether they’ll be able to get it above support at 2850 or not is the question. And if they do, can they keep it there? If they fail, then we’re in line for an epic crash.

The cycle lineup suggests a low now, at least after this morning’s crash burns out. Here’s what to look out for.

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Dealers Smelling Like A Rose, But Elsewhere the Smell of Death

Investors and leveraged speculators instead took the coronavirus panic straight to the bond market. Dealers, bless their little hearts, were long up the wazoo. Talk about smellin like a rose.

But somebody was short. Big somebodies. They’re dead. We don’t know where the bodies are buried yet, but the Fed will need to exhume them and fill the graves. We watching for the exhumations to see who the dig up, and what they fill the graves with.

Meanwhile, there’s plenty of liquidty in dealer accounts and more on the way.

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Real Time Federal Withholding Data Signals Shows US Econ On the Brink

Suddenly the trend of Federal Withholding tax collections is in critical condition.

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Gold Break Not As Bad As It Looked… Yet

The miners had a stunning false breakout and bull trap. Here’s what to look for.

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Time For “A” Bottom

The ferocity of the surprise attack has been breathtaking, and deeply troubling, but here’s why the ingredients for a short term low are in place.

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