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How scared were the Central Banks in January?
Category: Money Printing Pump
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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Unprepared
Expectations
What should we expect this week? I suspect we see another example of my belief that the most volatile moves are the most rational, i.e. most easily understood. At least if you're looking at the correct calendar.
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Either Or
Chart-a-Rama
Lots of pretty pictures today.
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Normalcy returns as Europe reaps the cheaper currency their money printing sows. More charts inside!
No Surprises
Slowing short-term momentum is consistent with the weakening tidal/solunar picture.
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All About The Buck
At the end of the day, stocks are going to follow dollar yen.
And not much else matters.
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click chart to enlarge
Stronger dollar weakens collateral value of Japanese and European balance sheets. But the market is simply discounting future money printing.
click chart to enlarge S&P breadth remains weak. In fact, breadth around the world is weak now.