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The Charge of the Light Brigade

Lee Adler

The Fed injected around $600 billion into the markets and the banking system last week. That’s about $2,000 for every American, and it was just one weekly installment. All in the valley of Death rode the 600. We are the 600 and the Fed is leading us into the valley of Death.

Meanwhile banking indicators suggest that the sickness is getting worse, not better.

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Was That A 4 Year Cycle Low?

Lee Adler

Massive Fed intervention turned the market, although cyclicality was favorable. The 6 month cycle low was overdue. But is it something more than that?

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Fed Hyperinflates Its Balance Sheet But It’s Only A Holding Action

Lee Adler

On March 3, the Fed converted Not QE into Panic QE. Since then it has pumped $766 billion in cash into Primary Dealer accounts. At the same time the US Treasury issued “only” $147 billion in new debt. So in essence, the Fed issued $619 billion in excess cash.

Other than the hyperinflationary implications, what good has it done? What does it mean for us looking ahead.

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Is Gold Forming A Base

Lee Adler

It looks that way, but it’s not out of the woods. The same goes for the mining stocks. This report shows what needs to happen.

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Here are More Short Chart Picks as New Projection Points to 1300

Lee Adler

This market is a different breed of cat. Cycles have little or no influence. This is a fundamental collapse of liquidity. Traditional technical analysis is more useful. In that regard, the conventional measured move implication of the breakdown below the December 2018 low is 1350. Other techniques point to that area.

I’ve added a few new shorts to our trades list this week. Our initial pick now has a gain of 32.6% since entry on March 3, using no leverage.  Short sale margin is 50%. You can do the math.

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“I Am the Greatest!” Muhammad Ali Financial Crisis KOs the Fed

Lee Adler

The Fed has undertaken so many rescue programs since Friday that my head is spinning. It’s hard to keep track of it all. A schedule of repo offerings for the next month reads like the Old Testament. Even the rabbis are arguing over it, the underlying question being, “Where is G-d already?”

I’ve tacked it to the butt of this report.

Anyway, it’s irrelevant. The dealers can’t borrow a fraction of what the Fed is offering. Here’s what’s relevant. The markets are now a mass grave filled not with COVID19 victims, but victims of the greatest bubble in history. A bubble built by the Fed.

Here’s what’s coming next, and what you can do about it to preserve your capital and maybe even profit from the big moves that lie ahead.  Assuming that trading systems continue to function at all.

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Already Soaring Federal Outlays are About to Explode and Boy Is That A Problem

Lee Adler

Even before COVID-19 the trend was clear that the Treasury would need to keep borrowing money hand over fist. Now the deficit will explode. This is a hideous problem for financial markets in this condition.

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Gold Proves No Insurance Policy As Collapsing Credit Bubble Takes No Prisoners

Lee Adler

Last week’s indications that gold was going higher failed miserably. A collapsing credit bubble takes no prisoners. When the margin man comes to your door, you sell whatever you can. Gold was sold. It was no insurance policy. There was significant technical damage. We look at where gold and the mining stocks are headed next.

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Crash Channels Remain Intact, Long Term Signs Get Worse

Lee Adler

The SPX has broken out of its original crash channel to the downside. It’s in a new channel with a slope of -46 points per day. Long term signals are already extremely negative, and are on the verge of turning catastrophic, cataclysmic, and apocalyptic.

I’ve run out of adjectives.

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Fed Repeats the Mistake of 2008, Only Worse

Lee Adler

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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