Was it the G20 growth pledge? Is it the cold weather? The terrible data? A slowing China? The prospect of a taper taper? Whatever, the S&P500 broke out to record highs approaching 1860:
There’s no clear answer in markets. The US dollar was static and bond yields climbed a few points suggesting stocks are looking through winter weather weakness to a spring of better data. But the Australian dollar took off with the entire emerging markets complex and gold, suggesting taper taper:
Gold surged to its Fibo resistance at 1338:
As well, the data was poor again. The Chicago Fed activity index fell sharply (from Calculated Risk):
The services Flash PMI fell sharply:
The Dallas Fed manufacturing index fell sharply too.
Perhaps it was Alan Greenpsan who declared stocks bubble-free (which is surely a contrary indicator):
*GREENSPAN SAYS ‘NO DOUBT’ BUBBLES ARISING IN CHINA’S ECONOMY
*GREENSPAN SAYS OF BITCOIN: ‘IT’S A BUBBLE’
*GREENSPAN SAYS ‘I DON’T SEE’ SIGNS OF A BUBBLE IN STOCK MARKET
*GREENSPAN SEES SIGNIFICANT RISE IN LONG-TERM RATES COMING
I’ll give the evening to taper taper by a head but right now it’s buy anything, really. It’s going up ’cause it’s going up!
