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A Rally Can’t Live on Hope Alone

If liquidity can’t explain a rally, it can’t sustain the rally. Non-subscribers, click here for access.

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Banking indicators provide us with measures of liquidity as it stood just a week and a half ago. Money market fund data is through last week. These measures are a pretty good expression of current liquidity trends. In case after case, these indicators xxxx xxxx xxxx support a long-term extension of the current rally. Non-subscribers, click here for access.

In fact, the concurrent rally in stocks and bonds is xxxxxxxx in liquidity terms. This tells us that we can play the rally on the basis of technical analysis, which has been bullish in the short run. But the liquidity picture says that the short run xxxxxxxxx xxxxxx xx xxxx xxxxxx longer. Non-subscribers, click here for access.

At this point, I xxxxx xxxxxx, and I am ready to xxxx xxxxxx at the first sign of xxxxxx intermediate term xxxxxxx. For the bond market, I’d be looking for that in December. For stocks, I will defer to my analysis in the Technical Trader, which I’ll post later in the pre market on Monday. Non-subscribers, click here for access.


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Posted in 1 - Liquidity Trader- Money Trends, Fed, Central Bank and Banking Macro Liquidity
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