A quick lunchtime update, since I have a few posts marinating in draft form. My reading list has ballooned; I’m trying to finish The Omnivore’s Dilemma whilst simultaneously working my way through the last of the Honor Harrington books and starting on Robert Greene’s works.
This rally in the markets has been running for almost two months now; I’ve been staying mostly clear of it, but did dip my toes in at a few points before being stopped out. For the S&P 500, I’m looking for it to spend a little time above the 200 MA and for the RSI to match the highs of last October. It feels almost played out, and if that’s the case, the turn should be in the next few weeks.
The fundamentals continue to deteriorate. It was only last week I saw a Financial Times article suggesting the ECB is starting to suspect banks are using them as a dumping ground for toxic securities. The Fed (in concert with the ECB and the Swiss) is now accepting auto loans and credit card debt as collateral. This buys only three or four more months before the Fed runs out of balance sheet.
My Mandarin classes finished up earlier this month, and that frees up some time for reading and other projects. I haven’t seen much in the way of summer classes (in any field) that appealed to me, so I’ll likely find something to study on my own. Travel also remains likely.