20DMF

[Pascal]

The negative divergence that appeared early in the morning set the tone for the day.
On the other hand, the US$ is weaker and being sold, which could be positive for equities at some point (clearly not for gold). Algos are still in an accumulation mode. These might reflect the Fed's POMO operations.
As can be seen in the POMO schedule below, we will have daily liquidity injections, which should keep a floor under the market.

http://www.newyorkfed.org/markets/to..._schedule.html

The "dogs" list is still valid.


Pascal