Lee AdlerFederal tax collection data for March showed modest economic growth but continuing wide Federal budget deficits. An uptick in nominal revenues has reduced Treasury issuance…
Short term rates in the Treasury money markets have remained near their highs despite the Fed announcing a less tight monetary policy, and despite a…
Gold’s launch from support is a positive sign. I have added 3 more toe-in-the-water mining picks after the last group was stopped out. Click here…
The market is setting its sights on new highs, but there are reasons to believe that it might not make it. I have added tight…
Beware! March withholding tax collections were strong, but excise taxes were weak. Click here to download the report (Subscribers Only) Not a subscriber yet? Get…
Gold’s sharp pullback last week has created some problems for the long term outlook. Here’s a look at what they are, and what needs to…
This is a make or break week for both stock market bulls and bears. Futures exploded higher in the wee hours, making it appear that…
The Fed’s balance sheet is shrinking, but bank lending for speculative purposes has soared. That is supporting financial asset price inflation. That’s dangerous. This report…
Real time federal tax receipts and other real time data bely the current bullish narrative. Here’s why the Fed won’t ease policy and why the…
There’s a critical price level that gold needs to cross to signal that it will ultimately break out to the upside in a new bull…
The previous week’s “as good as it gets” played out last week, with a failed breakout through major resistance. But bears still need more to…
These Charts Show How Primary Dealers Create Huge Risk as They Get Longer and Longer the Bond Market
The Primary Dealers continue to carry historically massive net long fixed income positions, purchased with debt, resulting in huge increases in leverage. They are hedging…
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