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Market Musings

The stock market is struggling waiting on next week's FED meeting. Although the IBD market call is "Market in Confirmed Uptrend" and the recommended exposure is 80-100% ,,, I remain concerned about the market direction going forward.

Japan, China, and India have all added to their gold reserves in recent weeks and dumped billions of dollars of U.S. Treasuries.

The federal deficit continues to grow daily despite efforts to hide the carnage.

Canada became the first G7 nation to reduce its interest rate today. 

The STI (Simple Timing Indicator) which is the number of "A" rated stocks in the IBD database  remains near the red line suggesting caution if adding quality stocks to a portfolio while holding close stops.

Gold, silver and copper continued to show strength until the short paper traders went into action Thursday. Gold and silver prices as well as copper should cause one to question the official data points.

After Hamas did not agree to a hostage deal, Israel ramped up its military actions in Gaza to the dismay of the Biden administration.

Do not forget that about 25% of the stock markets value is held by only 5 stocks ... danger ahead?

Have we reached the Minsky moment?  The dollar's reserve status is slipping away taking the U.S. economy towards a slippery slope.

Still if you  believe the government's data, you could think that the economy is doing better.  Looking under the hood paints a much different picture according to Shadow Government Statistics.

In today's employment report, native born citizens obtained fewer jobs than illegals. 

Dare I say that it will be at least another year of dismal U.S. and world economic growth.

And that is if we don't enter a major military war with either Russia or China.

Do not be surprised if the NASDAQ falls through 8,000, the SPX to 2,500 and the DJIA sees the 25,000 level.

Remember -- "Only purchasing power counts!"

It is difficult to find long-term trading opportunities with the future so uncertain. 

By any reasonable measure, this market is dangerous.

Be careful ....

To review the 05/17/2024 FlowChart, click here.

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