All Hat, No Cattle

Growing up in Texas, you saw a lot of these guys.  They wore clean, polished boots, had the oversized belt buckle. Maybe even a genuine cowboy hat.  But, they hauled paddle boards in their duallies and wouldn’t know which end of a bull to milk (not recommended.) Likewise, Monday’s action had all the appearances of … continue reading →

Moment of Truth

It is perhaps fitting that SPX has waited until today to peak again.  Today is Mario Draghi’s last press conference as president of the ECB but also as presider over the great monetary experiment which has kept the euro zone on life support for the past 10 years. SPX is poised to reach 3004.51, our … continue reading →

PPI Beats Expectations

Continuing the string of data arguing against a rate cut, PPI and Core PPI both came in hotter than expected.  Core increased 2.3% from August 2018.Futures, which are in levitation mode after a sharp intraday recovery yesterday, barely noticed.  Virtually nothing has changed from yesterday’s forecast.  Though, we have an important EIA report coming out … continue reading →