Don’t Forget the Pump!

Recent experience tells us as long as the Money Pump is in operation, the downside is limited.

120313pump

click chart to enlarge

The repeated alignment of Money Pump surges with renewed S&P rallies argues for a cause-and-effect relationship, not merely an observed correlation, between FED printing and this S&P bull market.

120313spxAD

click chart to enlarge

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