Last week we saw that the price to liquidity ratio measures suggested that the rally was in its end stage. The most recent data gives additional support to that idea, with those indicators touching upper trend limits in the week ended July 17. Under the circumstances, market action this week looks like not just a pullback, but more likely, xxxx xxxx xxxxxxxx xxxxxxx xxxxxxx. Non-subscribers, click here for access.
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As a result, my focus would be on xxxxxxxxxxxx xxxxxxxxxx xxxxxxxxxx. Non-subscribers, click here for access.
The bond market has rallied in July, contrary to my thinking that massive supply would hurt the bond market. The source of the money to support this isn’t clear, but deduction would say that it’s leverage, particularly repo. But repo outstanding has been rangebound. If it subsequently breaks down, that should be a sign xxxxxxxxx xxxxxxxxx xxxxxxxxxxx again. Short-term bills continue to look like xxxxxxxxxxxxx xxxxxxxx xxxxxxxxx Non-subscribers, click here for access.
This report shows and explains the critical indicators that you need to follow to stay on top of the market as it tops out. Non-subscribers, click here for access.
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