Wave 2 is in force.
Wave A of 2 appears complete or nearly complete (one more high). I am flat until either ABC is done or 1056 is broken on the downside.
Hi Jack M3 includes eurodollars and repurchase agreements. This is hot money and is partially tied to creation and destruction of derivative assets. In this respect it measures international hot money, the extent to which U.S. monetary policy can push expansionary policy to other countries. Anyway I included an April M3 y-o-y change chart in the next post.
Good morning Steve
ReplyDeleteI saw a report this morning that said the M3 money supply plunged in the first quarter at a rate last seen from 1929 to 1933.
Hi Jack
ReplyDeleteM3 includes eurodollars and repurchase agreements. This is hot money and is partially tied to creation and destruction of derivative assets. In this respect it measures international hot money, the extent to which U.S. monetary policy can push expansionary policy to other countries. Anyway I included an April M3 y-o-y change chart in the next post.