"Our new economic policy is called apocalyptic horse betting"
Software is wrapping up a correction. Which means Microsoft's leadership is ending:
In summary:
"The twin horsemen of doom that have dominated 2019 have slowed their gallop towards the abyss."
Trump's tax cut raised interest rates for the middle class, more than offsetting any small benefit they derived from the tax cut. In the end the tax cut was not stimulative it was deflationary. Which is why the Fed had to apply stimulus in 2019 to bail out Trump's tax thievery. Now the Fed has only 1.5% of dry powder, and they won't be using it until recession is confirmed, which will be a year late if the past is any guide.
This chart sums it up. The right shoulder is the exact opposite of the left shoulder in terms of quality of breadth (new highs).
Note that all major reversals took place at the rising trend line and at the beginning of the month.
Trick, or treat?
Crude oil can't get out of its own way:
Apple "beat" expectations after hours whatever that means. If this stock closes higher tomorrow I will be surprised
FinTech keeps making lower highs
Software is wrapping up a correction. Which means Microsoft's leadership is ending:
The algos backtested the 200 day for the IPO index. Testing to see if anyone is still around for pump and dump.
The largest IPO lockup expiration of the year is this coming week (November 6th):
Fed rate cuts steepened the yield curve, which put a temporary bid under banks and Financials.
However, with today's "pause" signal, the yield curve is rolling over again.
The mid-cycle fantasy is over.
Which means that the casino is now leaning on semiconductors
In summary:
"Don't worry, this is only the middle of the cycle - which will make this expansion twice as long as the longest expansion in history"
"I can't remember the last time you were wrong"
"I can't remember the last time you were wrong"
