By Graham Summers

Time for a reality check.

The market has had nothing but positives for three months now. BREXIT was contained. The Fed failed to raise rates again. The Bank of Japan and European Central Bank are printing a combined ~$180 billion per month (a record pace) and using it to prop the markets up.

And stocks are DOWN. While the bulls and CNBC shills talk about the markets like they’re in some incredible rally, the fact is that the S&P 500 peaked in mid-August. And if you want to go back further it’s gone absolutely NOWHERE since July 9^th.

Seriously, if you cannot manufacture a roaring rally with follow through on the last three months’ worth of news, you’re not going to manufacture one ever.

Indeed, Central Banks have never been more aggressive in their easing.

1.    Two of world’s FIVE major Central Banks (ECB and BoJ) are printing $180 billion per month and giving it to the banks.

2.    One of the FIVE (the Swiss National Bank) is openly BUYING stocks outright.

3.    Another of the FIVE (the Bank of England) just cut rates and announce a new QE program.

4.    The last of the FIVE, and the only one that is supposed to be tightening policy (the Fed) hasn’t raised rates in nine months and will not do so until December at the earliest.

And the bulls can't get it done. So... what do you think is coming next?

Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

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 -- Published: Thursday, 29 September 2016 | E-Mail  | Print  | Source: GoldSeek.com

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