SP 500 And NDX Futures Daily Charts - The Fog Of Currency War
Stocks tried to shake off the poor economic news this morning *again* as there are more signs that the recovery is sluggish to floundering.
There was news during the day that the Ukraine had attacked and partially destroyed a Russian armoured convoy. This sent stocks plunging for a brief period of time and put some jets under the VIX.
Back to near unchanged near the close with big techs leading the way.
We are now in the fog of currency war. I smell desperate antics from the Banks.
Have a pleasant weekend.
None.
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Moon Kil Woong
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11 years ago
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Contributor's comment
If it wasn't for the attack the US Treasury yields would continue their rise on weak demand. The Federal Reserve loves foreign conflict recently. Without it, Treasury yields would be sending out alarm bells as would their lack of demand. Fog of war is
good for banks as long as the zirp policy, market plunge control policy is in effect, and there is little fallout in QE constraint and promises of more should the economy show weakness (which is why bad news is still good sometimes ergo more plunge control).
Those financials closest to the Federal Reserve are just about the only ones who love this economy, and for a good reason, they are the only ones able to buy whatever they want at a discount. In fact, they own more of America today than in recent history and
if they end up with housing, they are the only ones able to hold it without registering a loss thanks to accounting rules which before would amount to fraud.
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