The Morning Call
6/22/21
We are moving this week; so, I don’t
have a lot of time to blog.
The
Market
Technical
Monday in the
charts. Two things occurred yesterday: (1)
the volatility from Friday’s quad witching got unwound and (2) Fed members were
all over the newswires walking back Bullard’s hawkish statement on Friday. Plus, Powell testifies before congress today
and his formal remarks which are dovish were released yesterday. I probably don’t need to remind you that every
time the Market panics over monetary tightening, the Fed folds like a cheap umbrella. So, my premise remains: ‘I
can’t see an end to this uptrend as long as the money keeps flowing with
abundance and in the absence of any major negative exogenous event.’ It seems like the only thing that will bring
this grossly irresponsible monetary policy to an end is when investors realize
how detrimental it is to the financial health of the country.
https://www.zerohedge.com/markets/plunge-protected-boj-buying-fedspeak-bailout-fridays-bullard-bomb
Or the Fed really
screws up. For instance, Morgan Stanley
seems to believe that either the Fed puts no credence in the significance of M2
growth or that it is talking out of both sides of its mouth.
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