Stocks are tumbling this morning with the dollar higher, Euro lower, bonds higher, oil is down, gold & silver are down, and food commodities are falling in the midst of an obvious correction.
$3 trillion in cuts on the backs of the wealthy doesn’t exactly sound like it would produce a roaring stock market, so low and behold some more of the fluff is removed. Damned if they do, damned if they don’t is the exact situation debt saturation produces. What matters is WHO controls the production of money. As long as the private central banks are in control the situation will remain impossible, backed by impossible math.
The economic data is pretty slim this week, primarily housing data and the FOMC clowns utter their nonsense on Wednesday while their minions on Wall Street wait with baited breath. This morning the Housing Market Index fell from the deep depression level of only 15 to 14. Plop. Thud.
Don’t worry though, on my commute back and forth to the boat show this past week I keep being reassured by the National Association of Realtors (NAR) that they have our back and are in there fighting for us! LOL, like those cheerleading monkeys weren’t and aren’t a huge complicit part of the problem. They were, and they still are.
The market never did move out of that nasty looking flag, and in fact just produced a lower high which now looks an awful lot like a Head & Shoulder’s pattern. Should we break below the bottom of that flag/ pattern, we may be in for quite the ride ahead shortly:
Economic News , Data & Views....March 23 , 2017....Quick Hits For Thursday -1) Markets : Asia - Economic Calendar For Friday , Market Moving News & Data To Consider ; US - US Major Indexes Down Marginally Today , Gold Down $3 to $1245 , WTI Down 35-cents To $47.69 , US 10-Year yields Up 1 bps To 2.41%. 2) US Politics : State Of Play On Repeal & Replace - HC ; Trump DC Hotel Found Not To Be In Violation Of Its Lease ; Trump Tweets Of the Day ; Additional Items To Consider. 3) Europe In Focus : Greece Updates For Thursday ; French Presidential Election News & Polling Data ; EU- Turkey Relationship Continues To Fray , Turkey Threatens To Review Ties With Europe After Turkey's April Referendum ; Germany - Political Updates - Chancellor Race & Saar Federal Election Sunday ; UK - London Attack Updates , Brexit Updates. 4) Libya In Focus - Another Huge Disaster On The Open Waters With As Many as 250 People Lost , State Of Political Play In Libya.
42 minutes ago