There were more signs in last week’s banking and Fed balance sheet data that the market has begun to build an important top. But tops take time. This report lays out what to expect. Non-subscribers, click here for access.
Subscribers, click here to download the report.
Last week I wrote that we should still expect a rally in the near term as the US Treasury continues to pay down T-bills. That has begun to play out. The paydowns should continue for another 3-4 weeks. That will be a bullish influence. Non-subscribers, click here for access.
After that, liquidity will xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx. But it will depend on how much borrowing that dealers and hedge funds will be willing to undertake to buy the immense supply of Treasuries that is headed to market beginning in late May. This is an unknown. Therefore, we must continue to monitor this data every week. Non-subscribers, click here for access.
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