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Show Notes
Summary of the day
FOMC declaring victory on inflation is akin The Japanese Empire declaring they will fight until the end, right before the B-24 flew their two missions in WWII.
On Nov 5 Podcast #84 I noted the Fed basically pivoted. But now the public media and wall st are also declaring such.
The data the Fed is spewing at us is completely ficticious.
Stocks are melting up
But trouble is showing up with real inflation. USD and yields sold off hard. Oil, hard assets and crypto are now also spiking
Home builders and loan product sellers are exploding.
The household is about to get hit with another inflation bomb.
The things the fed doesnt count that take up more than 60% of our take home pay, are about to go higher in price while the USD falls.
Scary times
Here is a good summary of the FOMC news today. Joseph Wang runs Fedguy.com but used to be a trader on the Fed’s open market desk.
Breadth
1,471 new highs
243 new lows
82% advancing 14% declining
22% below 50 day ma
36% below the 200 day ma
Stuck out
Santa Rally is here.
Inflationary items seemed to bounce.
Oil
Home builders
Gold and Silver
Crypto
USD weak
Strong
All risk assets
But curiously Tech didn’t lead
Weak
USD
ADBE - on light quidance
ANYTHING BEARISH
What to watch
OIL
VIX
GOLD
BONDS
Watch mag 7
Watch yields
Economic data
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