Saxo Bank
Kategori: Allmänt
A happy-go-lucky Wall Street enjoyed a major rally in the wake of the fiscal cliff deal, forgetting that the deal is a non-deal that adds a staggering USD 4,000 billion to US debt over ten years (Bernanke and the Federal Reserve will buy USD 1,000 billion of this in 2013 alone!)
I want to bring to your attention a nice little inverse indicator - the number of stocks trading above their 50-day moving average:
This morning a staggering 91 percent of all stocks were above ...and traditionally that is a bad sign. Forget fundamentals - we are in a no-market condition where faith is bigger than reality. We continue to fade this move by buying low delta puts....
I want to bring to your attention a nice little inverse indicator - the number of stocks trading above their 50-day moving average:
This morning a staggering 91 percent of all stocks were above ...and traditionally that is a bad sign. Forget fundamentals - we are in a no-market condition where faith is bigger than reality. We continue to fade this move by buying low delta puts....
- Steen Jakobsen, Chief Economist & CIO, Saxo Bank
Filed in Macro Digest
Filed in Macro Digest
