The Con From On High Continues

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If you believe what Larry Kudlow said on CNBC today, then you’ll agree the real unemployment rate is really closer to 9% than 4.7%. That’s fiction the Fed and government are peddling. It doesn’t take a genius to spot the disconnect between reality and spin these days. Nevertheless, the con continues and it’s been effective for pimps with products to sell to keep pumping it.

It continues to be a war between bad news is good vs good news is bad as near zero interest rates keeps bulls hanging onto the former. So, by all means, stay in the game.

So Fed Chair Yellen was spinning that jive around today worrying about BREXIT while at the same time claiming the economy is basically strong.

Is the below table reflecting economic strength? If so, that would be a delusion. (Hat tip ZH)

6-15-2016 3-01-56 PM

Stocks were higher early and were stable after the Fed announcement and presser.

But as markets headed toward the close selling took over and markets fell to the red.

Below is the heat map from Finviz reflecting those ETF market sectors moving higher (green) and falling (red). Dependent on the day (green) may mean leveraged inverse or leveraged short (red).

6-15-2016 3-02-23 PM

Volume picked-up but breadth per the WSJ was negative.

6-15-2016 3-03-14 PM
 
12-17-2015 9-04-44 PM Chart of the Day
 
 
 
6-15-2016 3-03-35 PM slv


Charts of the Day


  • SPY 5 MINUTE

    SPY 5 MINUTE

  • SPX DAILY

    SPX DAILY

  • SPX WEEKLY

    SPX WEEKLY

  • INDU DAILY

    INDU DAILY

  • INDU WEEKLY

    INDU WEEKLY

  • RUT WEEKLY

    RUT WEEKLY

  • NDX WEEKLY

    NDX WEEKLY

  • XLF WEEKLY

    XLF WEEKLY

  • XLE WEEKLY

    XLE WEEKLY

  • XLB WEEKLY

    XLB WEEKLY

  • XLI WEEKLY

    XLI WEEKLY

  • XLV WEEKLY

    XLV WEEKLY

  • XLP WEEKLY

    XLP WEEKLY

  • XRT WEEKLY

    XRT WEEKLY

  • XLY WEEKLY

    XLY WEEKLY

  • XLU WEEKLY

    XLU WEEKLY

  • TLT WEEKLY

    TLT WEEKLY

  • UUP WEEKLY

    UUP WEEKLY

  • FXE WEEKLY

    FXE WEEKLY

  • FXB WEEKLY

    FXB WEEKLY

  • FXY WEEKLY

    FXY WEEKLY

  • GLD WEEKLY

    GLD WEEKLY

  • GDX WEEKLY

    GDX WEEKLY

  • DBB WEEKLY

    DBB WEEKLY

  • USO DAILY

    USO DAILY

  • DBC WEEKLY

    DBC WEEKLY

  • EFA WEEKLY

    EFA WEEKLY

  • EEM WEEKLY

    EEM WEEKLY

  • IEV WEEKLY

    IEV WEEKLY

  • NYMO DAILY

    NYMO DAILY
    The NYMO is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.

  • NYSI DAILY

    NYSI DAILY
    The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.

  • VIX WEEKLY

    VIX WEEKLY
    The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation has changed due to a variety of new factors including HFTs, new VIX linked ETPs and a multitude of new products to leverage trading and change or obscure prior VIX relevance.







Given the sharp sell-off in the last few minutes of trading Wednesday it will be more than a little interesting how markets close the week.

Certainly now with the decks cleared of most concerns, BREXIT will take on greater visibility and importance.

Let’s see what happens

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