7-11 Jan Economic Calendar: 1st Rule of Fight Club Meets Real Economy
Old big mouth is back. The most conservative Fed argues if you keep irates low, it complicates making them high again. (Kills real estate recovery, etc) and he's worried about the fact that the fiscal problems of the country haven't been solved yet. Uh, well, YEAH! Where you been Putzer. And yes, the prospect of 1/4 point taking what, $10G's off the top of your home values, at 4% overnight rate taking $150K off the top bothersome? Yup, well, best look hard because that is where it goes whenever Bernankie's replacement hits the fan, Jan 2014. Nobody has even looked at the radar of who that might be, and when. What's new Jack Lew doesn't have to be the crisis manager his predecessor was, but isn't the expansionist on his side the governmental aisle either. Silver sold off a bunch.
The market is being reminded by old rubberlips the March deadlines for the debt and the cliff are just a scant six weeks away right on the cusp of yesterday's highs for the last zillion depression years, so folks are taking a lot off the table. Shed a tear for daytraders going long yesterday.
Let's see who starts the reverse, the buy cycle today and when. It's coming.