Bonds – Page 10 – Spiral Calendar

One Market

Japan and the US are one stock market when seen through the lens of a single currency.

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I am embarrassed. Previous charts of this relationship were incorrect. They showed the S&P in euroyen terms, not yen terms. I apologize. The correlation is quite a bit tighter now. The weak dollar versus world currencies had been helpful during the recent rally. A weak dollar versus the yen is not helpful.

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Weekly Update

Never taunt a cornered central bank.

click chart to enlarge This divergence will not persist.

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Quartered

The intraday chart is set up for a potential island top, but given it is the end-of-quarter tomorrow, another day of prices holding seems likely. But Yellen's rally doesn't have much power behind it.

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Twixt Equinox & Full Moon

Full Moon tomorrow before the NY opening.

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New highs are not catching fire.

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Weekly Update

The next two market sessions should be particularly informative.

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How Scared?

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How scared were the Central Banks in January?

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Stall Before the Fall?

Stocks are on hold waiting for whatever the FED may bring tomorrow. Internals are weakening, and my bias is bearish.

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Who’s Driving?

Are the central banks regaining control of the runaway bus? An expanding Bank of Japan balance sheet in dollar terms does wonders for equity market health. And yet, various central banks tricks seem to come with an expiration date beyond which their effectiveness is sharply diminished.

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