CNBC reinfornced the common Wall Street
wisdom today when they reported that the President of NASDAQ was
forecasting more lackluster results for the market and the economy well into the
new year. In contrast, the market via the T-Bonds and the CRB are saying
something very different. You may remember that late October I was
shouting that the US enconomy was due to bottom
circa Oct. 31 plus or minus 1 day. Now, take a look at T-Bond prices and
T-Bond yields via charts below which made a substantial turn on November 1.
Additionally, for this time window, I was looking
for a low in several severely depressed commodities. Now look at the CRB index
chart below. The most remarkable element is that despite the fact that
Crude Oil prices have been making new swing during the past
two weeks, which normally would have deflationary implications, T-Bonds have
been going down and the CRB has been going up. Please see charts below.
Cheers,
Norman
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