Intraday Market Thoughts
Archived IMT (2009.05.20)
by
May 21, 2009 0:26
For every One USD the Fed buys, the Treasury borrows 3 times as much in the building just 6 blocks away. And the dollar is spaying the cost of this arrangement. Stocks remain consistent with our view for a topping out pattern. But the dollar is showing some serious signs of corrosion, gradually breaking down from its usual inverse relation with equities. This could be a long complex summer.
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