All the Macro that's Fit to Print

All the Macro that’s Fit to Print

Every corner rounded seems to be producing a different chimera to be contended¬†with at the moment. BREXIT, growing portions of sovereign debt lurching into negative-yield territory, NIRP chaos and its impact on Euro¬†banks, China deval/credit collapse, Islamo-fascism, Fed tightening and…...

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Maastricht Treaty, ERM2 Fraying?

Maastricht Treaty, ERM2 Fraying?

I’ve recently shown, via the chart below, that the ratio of the DJ Stoxx 600 vs. SPX is nearing 20+ year channel support. Said support has only been hit one other time, in fall-92. The relevance of that period is…