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Congratulations to the 223,000 bartenders, waiters and retail clerks who found employment in June. To the 640,000 Americans who gave up looking for work or whose unemployment benefits just ran out — no doubt you’re heading out to celebrate how your demise helped lower the official unemployment rate to 5.3%.
You’re part of an elite club — only 93.6 million of you — whose patriotic sacrifice will be duly noted by the Fed the next time they decline to raise interest rates in an effort to keep the “market” on the rise for more fortunate Americans. Happy 4th of July, indeed. From Zerohedge:
On to that “market.” Yesterday, SPX nailed our bounce target offered on Monday, topping out at 2082.78. From Monday’s post All That Matters:
…the charts suggest that the bounce could easily reach 2072 (the red channel midline) or, with a little more effort, 2081 (a backtest of the broken purple channel bottom.)
The futures are showing small gains this morning. But USDJPY reversed as we expected yesterday. It’ll be an uphill climb unless USDJPY breaks out. And, our thesis remains that such a breakout is unlikely just yet.
The global financial markets feed on the yen carry trade. And, the BOJ — under pressure like all central banks for the unacknowledged inflation they’re generating — won’t further devalue the yen until they’re in panic mode. I doubt if last week’s 4% blip in the Nikkei 225 was enough to panic them.
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