[Create Your Own Opinion – Technical Indicators Used – MACD, MACD Histogram, Bollinger Bands, Candlestick Patterns, Elliott Wave Counts, Cycle Brackets, Volume, Channel Support and Channel Resistance, Support and Resistance Levels.]
The bizarro world of Yellen controlled (Federal Reserve controlled) markets continue. Here's a nugget that should be fun to watch - in 48 hours, the US government will either default or get another shot of "more debt" as the debt ceiling hits Sunday night. If unresolved, the US government starts defaulting Monday morning first thing - this is the real deal. What's more ominous is that other that Zero Hedge's one article, virtually no MSM is currently covering this.
We are also two weeks away from quarter end and Intel alone has adjusted down, as we had forecast all US companies would due to US dollar strength. The darker question is where are other hundreds of companies that will need to do this? Share buybacks and the Yellenator won't save this quarter.
Europe's markets are also riding to new record highs because as we all know, continent wide deflation (or depression - pick what you prefer) and shrinking GDP is bullish for markets.
Yes folks, central banks are out of control and operating well outside of their mandated purpose - nasty stuff. Expect to see markets fall further again next week - this is a guess based on technicals, but Yellen could show up and buy up more of the US private sector to keep things, regardless of ramping deflation.