Nasdaq Gains But Cautious Equity Tone
Dow Future holds the line
As we spoke about in yesterday’s letter and our Subscribers that get the GFBP Positions Tracker saw we pared off some before today’s action. However the noted level in the Dow 26500 area continues to hold:
We are trying to be patient with the Hedged Long program that the tracker is currently following but action today continues to be constructive for the bull case. The SP500 set up seems to be shaping up much like December 2019 and that is the analog we are viewing here. While everyone continues to tout the overbought scenario’s and using old analytical economic metrics as their tolerance, Magnelibra readers know the truth that the MV = PQ is the dominant equation in the central bank arsenal. Knowing that we pin valuations only upon whether its QE on or QE off, no questions asked:
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-Magnelibra Econemotions
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