(For Those That Want To Know…what I’m watching) Update
This is what happens when Wall Street not only knows, but can express that knowledge in real time. That knowledge?
All the governing bodies of both the political, as well as regulatory, along with the financing via the Federal Reserve: Has its back.
The result is shown below via a current chart at the opening of Friday’s day session here in the U.S. at around 9:45am EST. Call it a cross between “Mission Accomplished” and “Back on track.”
Millions remaining unemployed, but who cares! We’ve got $1.9 Trillion in stimulus on the way.
Who needs business economic activity when we’ve got the the magic money tree (MMT) ripe for the shaking – again.
All I’ll say to all of this, is this: This suddenly surge skyward from my mockingly described “Empire strikes back” reference was well within the expectations if the “weapon” was successful. So, with that said, all my commentary and what to watch for still stands.
In fact, from a technical viewpoint, keep this point front of mind: Sudden moves like this are usually a presage to an even more stronger move to reinforce the move prior. i.e., The downside odds and calculations have not been altered, because of just how much damage the original move demonstrated breaking the original trajectory.
Here’s that chart. To wit:
As always, we shall see.
© 2021 Mark St.Cyr
Note: This is not trading or investing advice of any sort. This commentary is for “big picture” discussion purposes only. Please read, or re-read the “About This Site” page for any questions or clarifications.