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Silver to Head Higher This Year? | BrotherJohnF

Doug Noland: New Age Mandate / by Doug Noland / July 22, 2017

This is a syndicated repost courtesy of Credit Bubble Bulletin . To view original, click hereReposted with permission.

A journalist’s question during Mario Draghi’s ECB post-meeting press conference: “…There was a sharp reaction from financial markets to your Sintra speech. You must have looked at the Fed experience of 2013. Is there any concern in the Governing Council that the so-called tantrum or a similar reaction can happen in the eurozone when you start discussing changes in your stance?”

Draghi: “I won’t comment on market reactions, but let me give you the bottom line of our exchanges: basically, inflation is not where we want it to be, and where it should be. We are still confident that it will gradually get there, but it isn’t there yet, and that’s why the Governing Council reiterated the forward guidance, the asset purchase programme, the interest rates and all this package of monetary accommodation; and reiterated that the present very substantial monetary accommodation is still necessary. Let me read the introductory statement: ‘Therefore a very substantial degree of monetary accommodation is still needed for underlying inflation pressures to gradually build up and support headline inflation developments in the medium term.’

Draghi continued: “But let me just make clear one thing: after a long time, we are finally experiencing a robust recovery, where we only have to wait for wages and prices to move towards our objective. Now, the last thing that the Governing Council may want is actually an unwanted tightening of the financing conditions that either slows down this process or may even jeopardise it; and that’s why we retain the second bias, or let’s call it, reaction function. ‘If the outlook becomes less favourable or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, we stand ready to increase our asset purchase programme in terms of size and/or duration.’ And I think the Governing Council has given enough evidence that when flexibility is needed to achieve its objectives, it has been very able to find all that was needed. So that’s why we keep this bias.

This exchange gets to the heart of a momentous issue. Recall the swift market reaction to “hawkish” Draghi’s comments from Sintra (June 26-28 ECB Forum on Central Banking) and, soon after, ECB officials expressing that markets had misinterpreted his remarks. Markets this week were awaiting “dovish” clarification. Draghi soundly beat expectations.


David Stockman Warns The Market’s “Chuck Prince Moment” Has Arrived… “Only More Dangerous” / by David Stockman via Daily Reckoning / Jul 22, 2017 

On July 10, 2007 former Citigroup CEO Chuck Prince famously said what might be termed the “speculator’s creed” for the current era of Bubble Finance. Prince was then canned within four months but as of that day his minions were still slamming the”buy” key good and hard:

“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing,” he said in an interview with the FT in Japan.

We are at that moment again. Only this time the danger of a thundering crash is far greater. That’s because the current blow-off top comes after nine years of even more central bank policy than Greenspan’s credit and housing bubble.

The Fed and its crew of traveling central banks around the world have gutted honest price discovery entirely. They have turned global financial markets into outright gambling dens of unchecked speculation.

Central bank policies of massive quantitative easing (QE) and zero interest rates (ZIRP) have been sugar-coated in rhetoric about “stimulus”, “accommodation” and guiding economies toward optimal levels of inflation and full-employment.


U.S. SMASHES RECORD: Highest Production Of Lowest Quality Fuel In The World / Steve St. Angelo / 

Yes, it’s true… the United States smashed another fuel production record this year.  According to the U.S. Energy Information Agency (EIA), the country produced over one million barrels per day of this liquid gold in the first six months of 2017.  Unfortunately, this isn’t something to brag about.  It would be wise just to keep this lil record to ourselves, rather than broadcast it loudly across the energy news wires and Mainstream media.

Why do I say that?  Because the U.S. produced a record 1.02 million barrels per day of corn-based ethanol, the lowest quality fuel in the world.   Corn ethanol’s EROI – Energy Returned On Invested is so low, it barely provides one net barrel of fuel to the market for one barrel worth of energy that it took to produce it.  I get into that in a moment, but let’s look at U.S. ethanol production since 2010:


U.S. ethanol fuel production was 870,000 barrels per day (bd) in 2010, fell to 852,000 bd in 2013 and then continued to increase to a new record of 1.02 million bd in the first six months of 2017.  We must remember, corn ethanol is blended into gasoline which is called “E10.”  All E10 means is that gasoline you buy at the pump can be blended up to 10% with ethanol.


Protecting the Cheaters: EU Regulators in Bed With German Auto Industry Regarding Diesel / Mike “Mish” Shedlock / July 22, 2017

On June 14, Reuters reported Munich, Home to BMW, Considers Diesel Ban to Tackle Pollution.

Today, with strong overtones of regulators hopping in bed with industries they are supposed to regulate, EU’s Car Regulator Warns Against Diesel Ban in Cities.

Munich, home to carmaker BMW, has become the latest German city to consider banning some diesel vehicles amid “shocking” nitrogen oxide emissions in the Bavarian capital.

“As much as I would welcome avoiding such bans, I think it is just as unlikely that we can continue to do without bans in the future,” Munich mayor Dieter Reiter was quoted as saying by the Sueddeutsche Zeitung newspaper on Wednesday.

Asked about the latest nitrogen oxide readings, which the paper said violated European air quality standards well beyond busy trunk roads, the mayor said: “The results are shocking, nobody expected this.”

The scandal over rigged diesel emission tests at Volkswagen has already thrown the future of diesel engines into doubt, and has highlighted carmakers’ struggle to comply with ever stricter rules on the nitrogen oxides emissions.


TEPCO Sacrifices Another “Swimming Robot” At Fukushima: Still “No Sign Of Melted Nuclear Core” / by Tyler Durden / Jul 21, 2017 

While Elon Musk is fearful of the future of AI and robots destroying man, it appears the Japanese are taking the battle to the robots as they send a third ‘swimming’ robot into the destroyed Fukushima reactors in search of the melted nuclear core material.


As’s Aman Jain writes, a swimming robot showed just how bad the damage at Japan’s Fukushima nuclear plant is.

The robot dubbed “the Little Sunfish” went inside the factory and captured images of the containment vessel in the Unit 3 reactor, which was swept away by the massive earthquake and tsunami in March 2011.

No signs of melted nuclear fuel yet

Toshiba Corp., the company which has been given the responsibility of cleaning the plant, has co-developed the swimming robot with the International Research Institute for nuclear decommissioning.


Bitcoin Segwit Activation-The Gold Cartels Worst Nightmare / by Andrew Hoffman / Jul 21, 2017 

Not that its experience is any different from the countless “empires” that destroyed themselves from within; but let’s face it, America is rapidly morphing into a Banana Republic.

And not just in terms of its monetary policy – as the leader, in the “race to the bottom,” of the terminal phase of history’s largest; most destructive; and for the first time, global; fiat Ponzi scheme.  Unfortunately, the symptoms of the disease are widespread, affecting the political, economic, and social landscape – all by-products of the complacency, self-indulgence, and arrogance created by the false sense of superiority the “reserve currency” issuer temporarily enjoys, in ephemerally living far above its means.  Unfortunately, aside from the inexorable secular headwinds pounding against America’s rapidly waning dominance – like the global population explosion, unfavorable demographic trends, and synchronous worldwide information dissemination – America’s exposure to the gargantuan, historic cyclical downturn its own policies caused, is as broad, and systematically dangerous, as any nation’s.  And not just absolutely; but more importantly, relative to the sky-high, “sixth sigma” standard of living its fleeting stint as reserve currency issuer has enabled.

I’m not going to turn this into a social commentary – of the bread-and-circuses nature of modern entertainment whilst Washington burns; nor the welfare state the inevitable shift toward socialism has engendered; or even the monetary destruction wrought by what was once the all-powerful, gold-backed dollar; in lieu of a brief comment on the politicalchaos caused by the coalescing of these hideous; destructive; and unquestionably, integrally linked trends.  Not with a partisan bias, mind you – as, like Gerald Celente, I’m a “political atheist.”  But instead, to simply observe how dumbed-down; compromised; out of touch; and frankly, infantile; the once great, once Constitutionally-guided institution of Congress has become.


A mini gold rush has descended on Northern California / By Michelle Robertson / Friday, July 21, 2017

When asking seasoned miners about this year’s so-called gold rush in Northern California, it can be a challenge to obtain trustworthy information.

“People who are smart don’t advertise what they’ve found,” said Bob Van Camp, better known as “Digger Bob.” “If you’re finding nuggets in an area, you don’t tell anyone about it. I’ve made that mistake before.”

After all, if you’re a professional miner looking to make your fortune, it’s the nuggets you’re after. Flakes and dust are milquetoast — and altogether worthless — compared to heavy chunks of the shiny yellow stuff.

Northern California was pelted with record rainfall this winter, and miners predicted that once all the water washed away, gold would be left in its wake. It appears that their predictions are panning out. …


Is Sweden A Failed State? / by Judith Bergamn via The Gatestone Institute / Jul 21, 2017

  • The Swedish state, in true Orwellian style, fights those Swedish citizens who point out the obvious problems that migrants are causing.
  • When police officer Peter Springare said in February that migrants were committing a disproportionate amount of crime in the suburbs, he was investigated for inciting “racial hatred”.
  • Currently, a 70-year-old Swedish pensioner is being prosecuted for “hate speech”, for writing on Facebook that migrants “set fire to cars, and urinate and defecate on the streets”.

The security situation in Sweden is now so critical that the national police chief, Dan Eliasson, has asked the public for help; the police are unable to solve the problems on their own. In June, the Swedish police released a new report, “Utsatta områden 2017“, (“Vulnerable Areas 2017”, commonly known as “no-go zones” or lawless areas). It shows that the 55 no-go zones of a year ago are now 61.

In September 2016, Prime Minister Stefan Löfven and Minister of Interior Anders Ygeman refused to see the warnings: in 2015, only 14% of all crimes in Sweden were solved, and in 2016, 80% of police officers were allegedly considering quitting the force. Both ministers refused to call it a crisis. According to Anders Ygeman:

“… we are in a very difficult position, but crisis is something completely different. …we are in a very strained position and this is because we have done the biggest reorganization since the 1960s, while we have these very difficult external factors with the highest refugee reception since the Second World War. We have border controls for the first time in 20 years, and an increased terrorist threat”.


Youtube Is Burning Books As the Deep State Prepares to Burn People / By Dave Hodges / July 22nd, 2017

YouTube’s new program where kids as young as 13 will decide what you will see and hear. It’s called the  HEROES program. I call it Lord of the Flies runs our social media.


YouTube (i.e. Google) and Facebook are acting as unregulated monopolies. They provide a privately owned platform in which the Independent Media provides a conservative interpretation of the news as opposed to the radical left-wing Mainstream media who espouses such values as expressing anti-Christian views, advocating for the continual erosion of the Bill of Rights and the rest of the Constitution, completely open borders in which anyone with two legs and carrying weapons of mass destruction can illegally cross our borders take up residence, all courtesy of the US taxpayer. And according to Facebook and YouTube they have the right to ban you from using their platform for espousing traditional American values that our country was founded on.


The Birth of a Nation: Thoughts on Turkey’s Recent Anniversary Celebrations / Dr Can Erimtan / JULY 22, 2017

During last year’s coup attempt Tayyip Erdoğan (or the Prez) narrowly escaped an attempt on his life . . . in the year that has now passed, his Justice and Development Party (or AKP) has been at pains to portray its leader as a hero able to defeat his enemy by means of calling upon the Turkish nation.

Last Saturday was the first anniversary of Turkey’s Coup-that-was-no-Coup, and the Prez and his henchmen made good use of this opportunity to solidify the quasi-mythological narrative they have been constructing ever since. The commemorative festivities already started on July, 11th:

“Turkey has started marking the first anniversary of the failed coup attempt that took place last July. The July 15 Democracy and National Unity Day events will be held under the auspices of the Presidency and last until Sunday evening [15 July 2017],” as related by the official Anadolu Ajansı.


Professor Rages “My University Treated Me Like A Criminal Over A Joke” / by Professor Trent Bertrand / Jul 21, 2017

For the past six years, I have taught an undergraduate course on international economics at Johns Hopkins University. Most of my students thought it was a very good course. So I was shocked when, on December 6, 2016, I was met at the door of my classroom by Johns Hopkins security personnel and barred from entering.

The next day, I received a letter from my dean suspending me from my teaching duties – just three classes before the end of the semester.

What had I done to cause such a reaction by the administration? I had told a joke when discussing off-shoring, the practice of firms shifting work abroad, often in search of lower wages. Here it is:

An American loses his job due to his work being off-shored.

He is very depressed and calls a mental health hot line. He gets a call center in Pakistan where the call center employee asks, “What seems to be the problem?”

The American responds that he has lost his job due to the work being sent overseas and states, “I am really depressed and actually suicidal.”

The call center employee says, “Great. Can you drive a truck?”


Speculators Switch to Net Long Canadian Dollar Futures / by Marc Chandler / July 23, 2017

Since the beginning of May the Canadian dollar has been the strongest of the major currencies. However, until the most recent CFTC reporting week ending July 18,  speculators in the futures market were net short.  The persistent buying has seen the speculative gross long position rise to 60k contracts (adding nearly 14k contracts during the latest reporting period.  The gross short position was trimmed by 2.k contracts, leaving 52k.  The net long position rose to 8k from -8.6k.  It is the first time since the end of Q1 that speculators have a net long Canadian dollar futures position.
Speculators also continue to amass a large Australian dollar position.  They added another 13.1k contracts to lift the gross long position to 69.1k contracts.  The gross shorts were trimmed by 1.4k contracts, leaving a 17.7k contracts.  The net position rose to 51.4k contracts up from 36.8k and the largest since March.
The other substantial position adjustment, by which we mean 10k or more contracts was in the Japanese yen.  Speculators continue to build a large gross short position.  They sold another 11.4k contracts to bring the gross short position to 164.3k contracts.  The gross long position was pared by 3.3k contracts, leaving 37.4k.  The net short position rose to 126.9k contracts from 112.1k.  Since the middle of June the net short position has doubled.
Speculators remained bearish toward the US dollar.  They added to the gross long currency futures positions except for the yen, as we have seen, and the New Zealand dollar.  Speculators covered short the dollar-bloc currencies and the Mexican peso.  They mostly added to the gross shorts of the other currency futures but sterling.


The Never-Ending Woes of a Government “Enterprise” / Gregory Bresiger / July 22, 2017

History is something one can try to escape, but sometimes you can’t as millions of train riders find out every day.

They can’t escape Penn Station falling apart along with Amtrak, New York City commuter railroads, and the New York City subways. They all have the same problem: Every day they are reminded of the sordid history of government enterprise with derailmentsdelays and the billions of dollars of red ink of these dysfunctional systems. The bill is handed to the taxpayers whether they ride these trains or not.

As the New York City subways, Amtrak, and other government enterprises continue to fail, mainstream media and our political class have consistently missed how we reached this point of rail disasters as the norm. That’s because few of them have time for history. The management of Amtrak, New York Subways is actually a story of generations of the limitless failures of government. Indeed, most of the analyses and criticisms of government ownership and management of the subways are hopeless.

Among the lost are the Goo-Goo groups of the 1930s  — who called for public subway ownership — and their scions, the Straphangers Campaign of today.  And then there’s the allegedly laissez-faire Manhattan Institute. All reject the privatization discussion. That’s because they work from a proposition that Albany and Washington, owing to their ability to tax and spend, are omnipotent and should continue to run transit systems; that they are part the solution. History proves the opposite.


Broke And Bleeding Cash, DNC Ends June $3.3 Million In Debt / by Tyler Durden / Jul 21, 2017

After spending a truly obscene amount of money on the Georgia special election last month, money that was proven to be completely wasted after Jon Ossoff was destroyed by Karen Handel, the DNC’s balance sheet is looking a little deflated.  Of course, spending $22 million dollars for a seat where candidates usually spend about $1 million each tends to take a toll on your political war chest.


Unfortunately, even $176 per vote, or roughly 7.6x more than what Karen Handel spent, wasn’t enough to buy a Georgia House seat.  Oops.


Market Report: Classic bear squeeze conditions / By Alasdair Macleod / July 21, 2017

Gold and silver recovered well this week, continuing a rally which is now two weeks old. Gold, priced in dollars, rose by another $13 to $1247.50 in early European trade this morning (Friday), up $31 from the lows of 7 July. Silver has now recovered $1.75 from the lows of the flash-crash two weeks ago, to $16.40 this morning.

Comex futures volume has been normal, but there’s something unusual happening, best exemplified by silver. We know that the bullion banks have shaken out the speculators (mostly hedge fund longs), and the flash-crash referred to above will have taken out the speculators’ stops, enabling the banks to close their short positions profitably. This (as of Tuesday, 11 July) left the managed money category (i.e. hedge funds) net short of 6,361 contracts, representing 31.8 million ounces. The extremeness of this position is shown in our next chart, only exceeded once, in mid-2015.


Gold Rises on Strong Euro / ARKADIUSZ SIEROŃ / JULY 21, 2017

Yesterday, gold hit a three-week high. What does it mean for the precious metals market?

The ECB kept its monetary policy unchanged yesterday. And Draghi said that the ECB had made no plans regarding tightening its monetary policy stance. Although he did not give any hints about the bank’s next move, the euro soared, as one can see in the chart below. The probable reason is that although Draghi was not especially hawkish, he didn’t sound too dovish either. And its means that market expectations that the ECB would announce a tightening tweak to its policy stance in September remained unchanged.


In Furious, Bizarre Tweetstorm Trump Slams Leaks, “Amazon Post”, “Failing NYT”, Hillary, GOP Senators / by Tyler Durden / Jul 22, 2017 8:52 AM

Trump may have broken a personal tweetstorm record on Saturday morning, when starting shortly after 6:30am, in a furious blast of ten tweets (and still going), Trump lashed out at the “Amazon Washington Post”, the “failing New York Times”, touched on his right to pardon, questioned why the Attorney General isn’t looking at the “many Hillary Clinton or Comey crimes” and the “33,000 emails deleted”, asked “what about the Clinton ties to Russia including Podesta Company, Uranium deal, Russian reset, big dollar speeches”, compared Donald Jr.’s email disclosure to Hillary Clinton’s email deletion “and acid wash” of her 33,000 emails, slammed “dead ObamaCare”, and finally (at least for now) slammed both Republican senators who must “step up to the plate and vote to Repeal and Replace”, as well as Democrat Senators who are “obstructionists, no ideas or votes.”

The tweet that has attracted the most media attention so far, is Trump’s assertion that he has “complete power to pardon” following reports that he was discussing his ability to pardon people in the ongoing investigation into ties between his campaign and Russia. “While all agree the U. S. President has the complete power to pardon, why think of that when only crime so far is LEAKS against us.FAKE NEWS.”


Gerald Celente – The Twisted Fairy Tale Being Told To The Public And The Coverup / July 22, 2017

Today the top trends forecaster in the world, Gerald Celente, spoke with King World News about the twisted fairy tale being told to the public and the coverup.

40 Million Americans Can’t Afford Housing
Eric King:  “Gerald, what’s happening with Millennials and renters?”

Gerald Celente:  “We have more renters now than at any time since 1965.  Back then the percentage was 37%, now it’s 36.6%.  So we are looking at a situation we haven’t seen in (more than five) decades.”


Chapter 43: Medicine / Gary North / July 22, 2017

Christian Economics: Teacher’s Edition

And the Lord will take away from you all sickness, and none of the evil diseases of Egypt, which you knew, will he inflict on you, but he will lay them on all who hate you (Deuteronomy 7:15).

Healing is an aspect of covenantal ethics, according to the Bible. Health is a blessing of God; sickness is a curse. This is why the early church in the New Testament used healing as a way to demonstrate God’s new work of redemption, which was evidence of the church as God’s ecclesiastical representative in history, the replacement of Israel.

Now Peter and John were going up to the temple at the hour of prayer, the ninth hour. And a man lame from birth was being carried, whom they laid daily at the gate of the temple that is called the Beautiful Gate to ask alms of those entering the temple. Seeing Peter and John about to go into the temple, he asked to receive alms. And Peter directed his gaze at him, as did John, and said, “Look at us.” And he fixed his attention on them, expecting to receive something from them. But Peter said, “I have no silver and gold, but what I do have I give to you. In the name of Jesus Christ of Nazareth, rise up and walk!” And he took him by the right hand and raised him up, and immediately his feet and ankles were made strong. And leaping up, he stood and began to walk, and entered the temple with them, walking and leaping and praising God (Acts 3:1–8).

The ability to heal miraculously has always been regarded by the masses as evidence of a person’s special relation to God. This same attitude prevails today in an era of scientific medicine. Medical missionaries are granted access into nations that are otherwise closed to missionaries. Political leaders regard the benefits of healing as outweighing the negatives of evangelism. Jews understood this principle in the Middle Ages. They became physicians to gain acceptance in the gentile world. Moses Maimonides, the Rambam, was the most famous Jewish theologian and philosopher of the Middle Ages. He was also the senior physician of the sultan of Cairo in the late twelfth century. Christian hospitals in the later Middle Ages were ministries of churches and ecclesiastical orders. Then there is the remarkable account written by Álvar Núñez Cabeza de Vaca of his eight-year trek from Florida through Texas into Mexico, 1528–1536. He describes the strange fact that he and his companions gained the power of healing halfway through their journey. They were welcomed by Indian tribes from Texas country to Mexico because of this. Word spread in advance that they were coming, tribe by tribe. They would probably have been killed had they not possessed this power. Instead, they were supported with food and water.


Charges dropped after ‘Whale’ accused JPM’s Dimon of making him a fall guy / By Francine McKenna via, New York / July 21, 2017

The case against two traders in the infamous “London Whale” case appears to have fallen apart after the Whale himself, considered a key witness, accused J.P. Morgan Chase & Co. Chief Executive Jamie Dimon of setting him up as a fall guy.

The U.S. Department of Justice revealed today that it is seeking permission from a judge to dismiss the charges against two former J.P. Morgan derivatives traders, Javier Martin-Artajo and Julien Grout. According to the announcement, a key reason for dropping the case is because prosecutors no longer believed Bruno Iksil’s testimony could be relied upon to prosecute “based on a review of recent statements and writings made by Iksil.”

Iksil, the trader nicknamed “the London Whale” and a former colleague of the two defendants at J.P. Morgan, recently accused Dimon and other J.P. Morgan senior executives of using him as “a screen” in the effort. According to a statement from the Justice Department, the prosecutors had also failed to win approval for the extradition of Martin-Artajo and Grout from Spain and France. …

… For the remainder of the report:


NSA Leak: Sessions Reportedly Discussed Trump Campaign With Former Russian Ambassador / by Tyler Durden / Jul 21, 2017 9:30 PM

The Washington Post just made Attorney General Jeff Sessions’s rotten week even worse.

In what appears to be yet another leaked NSA intercept, WaPo reports citing ‘current and former American officials’, that Sergey Kislyak, the now infamous former Russian ambassador to the US, told his superiors in Moscow that he discussed campaign-related matters – including policy issues important to Moscow – with Sessions during the 2016 presidential race. If accurate, the report would amount to yet another straw on the camel’s back of Sessions’ relationship with the former ambassador – who has been at the center of many of the US media’s stories alleging collusion between Russian officials and the Trump campaign.

When he announced his intentions to recuse himself from the DOJ’s probe into alleged collusion between the Trump campaign back in March, Sessions adamantly denied allegations that he had discussed the campaign with Russian officials, including former ambassador Kislyak. Sessions opted to recuse himself after he failed to disclose his contacts with Kislyak during his confirmation hearing with the Senate back in February.

“I never had meetings with


Keiser Report: Making Coal Great Again? (E1100)

RT , Published on Jul 22, 2017

Don’t Buy the Sears Stock Rally – SHLD Is Doomed / by Money Morning Staff Reports / 

Sears stock has rebounded more than 43% in the last month, but that does not mean this stock is turning around. Quite the opposite.

We still think Sears is headed toward bankruptcy. If you own it, get out. And if you think management can pull off a miracle, forget it. They can’t.

Money Morning Capital Wave Strategist Shah Gilani told readers back in May about Sears’ epic downfall. He even outlined a strategy to profit as Sears stock “lurches towards its deathbed.” And despite the stock’s recent rally, if you’d followed Gilani’s plan, you’d still be up double digits.

All the reasons for this bearishness are still very much intact. Here’s what he told you in May:


Dollar Slide Continues /  by Marc Chandler / Jul 21, 2017 9:25 PM

The US dollar lost ground against all the major currencies, save sterling, over the past week, and also fell against most emerging market currencies.  There is little from a technical or fundamental perspective, including next week’s FOMC meeting, that suggests a reversal is at hand.

Investors accept that the US economy rebounded in Q2 from another below average Q1 performance. They accept that the jobs market is still healthy.  What they doubt is that the Federal Reserve will raise interest rates in the face of price pressures that have moderated.   The fiscal course of the Trump Administration is also doubted.  Not to put too fine a point on it, but the mess over health care, has left investors with a bad taste of what the legislative meal will look like.

At the same time the trajectory of the US policy mix moves away from the very supportive tighter monetary/looser fiscal policy,  negative considerations for Europe have been lifted or substantially reduced.  Looking at the charts, the turn came in late April when it became clear the National Front challenge in was going to be repulsed.  The political threat in Europe dissipated.  The regional economy is enjoying the broadest and strongest expansion in a decade.   Given the improvement in the balance of risk, the ECB began adjusting its communication to help prepare the markets for an adjustment in the accommodation.  This spurred rise in market rates.

The Dollar Index fell for a second consecutive week.  It has fallen in six of the past seven sessions. The week’s 1.25% decline took it blow 94.00, its lowest level since June 2016.   This area is important from a technical perspective, and a convincing break could open the door to another 3-5% decline.  Daily and weekly technical indicators are over-extended as one would imagine, but only the Slow Stochastics have stopped falling.  Given the pace and extent of the Dollar Index slide, and the positioning, we want to be sensitive to any reversal pattern in the coming sessions, but our point is that there is not much nearby chart-based support.


Trumptopian Markets – Where Hope Triumphs Over History / by Tyler Durden / Jul 21, 2017 8:35 PM

Since the election of Donald Trump as President, ‘hope’ has triumphed over reality…

As this Trumptopia has evolved (and as yet achieved very little in reality), hard data – real actual economic output – has collapsed to two year lows, as surveys of economic activity reached record levels of delusion… and over the last couple of months fell back somewhat to reality.