So said Trump regarding the FOMC in a tweet this morning.
This is because the Euro and other currencies are devalued against the dollar, putting the U.S. at a big disadvantage. The Fed Interest rate way to high, added to ridiculous quantitative tightening! They don’t have a clue! https://t.co/0CpnUzJqB9
With oil and gas having tanked noticeably over the past six weeks, we’ll soon find out how low inflation has sunk. In the meantime, the possibility of Fed easing is fueling a continuing meltup — with the futures currently indicating a 17-pt gain.
continued for members…
Of course, the factors continue to play an important role. VIX is off another couple of percent this morning.
And, CL and RB continue their backtest/bounce.
TNX is still bouncing slightly.
And, USDJPY is still holding off its .618 tag.
This leaves SPX with a clear path to its .786 and potentially its .886.
Though ES will have to contend with its .786 after SPX does.
UPDATE: 1:15 PM
Nice reversal going so far off ES’ .786. Too many downside targets to count. The key for bears will be VIX moving up through its SMA200.
I’m heading out for a long meeting, will catch up with things in the morning.
GLTA.