Non-event day as market rests into the fake jobs number. We posted what Yellen said yesterday (or was it the day before) We can now expect QE4 to come. We will have a lot of whining over the weekend as we take a 14 hour flight back from China.
There is absolutely nothing wrong with market resting here. Just keep in mind that all this juice from central banks has just got markets back to even for the year. It’s taking more and more easy money to get markets moving as our “diminishing returns” thesis plays out. Central banks have now printed in the neighborhood of $!5-20 trillion. Why not $40 trillion? It is only a number to these people.
Our usual award winning technical report will be out on the weekend and expect a thrashing of Yellen and the rest.