Today we get the benefit of both Jerome Powell and Janet Yellen telling us that, despite how incredible the outlook is, things are so horrible that they need to keep pumping billions of dollars into the markets every day. For the little people. You know – unemployed folks who can really benefit from rapidly rising food, energy, and housing costs.
It’s now been a year since SPX bottomed out, 9 months since a test of its 200-DMA, and five months since a test of its 100-DMA. The algos have been working overtime. Corrections have been short and sweet, quickly extinguished by rallies in oil and USDJPY and sharp collapses in VIX.
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