Maybe we shouldn’t be surprised about the stuck market. No wonder it’s going nowhere. Flat is as flat does. Composite Liquidity is flat. There’s been just enough private credit creation, which is the same as money creation, to offset the Fed’s QT program. So total liquidity goes nowhere and stock prices are stuck, both over the past two months and since 2021. Non-subscribers, click here for access.
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It may feel like a big bull market since last October, but in the big picture, it’s nothing. What we are left with is a range of motion based on the usual market sentiment swings that happen regularly every 2-4 years. But those swings have limits. They are constrained by the liquidity trend. Non-subscribers, click here for access.
The current composite liquidity picture tells us that we face a critical juncture in about two weeks. Here’s what the that picture tells us about where stocks are headed next. Non-subscribers, click here for access.
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