"Iron ore doesn't have good fundamentals," warns one analyst as while the crackdown on leverage in Chinese capital markets (which has tightened liquidity everywhere) is the immediate catalyst, "supply-side pressure is huge as ever, and mills are still seeking to draw down inventories."
Despite paying trillions in Federal taxes every year, Americans' requests for a clear, detailed breakdown of where their money goes every year, have gone unanswered and been ignored by both Republican and Democrat administrations for one simple reason: transparency has an unpleasant way of mutating into accountability, which is the scariest thing imaginable for any career politician.
Not any more.
It's deja vu all over again.
Two weeks after we reported that the consumer credit card default rate as tracked by S&P/Experian Bankcard had surged to the highest level since June 2013...
... we were looking forward to the latest Fed Senior Loan officer survey for more details about changing loan dynamics within US society.
What the report revealed was troubling: while on the surface, the Loan Officer Survey characterized loans to businesses as "basically unchanged" from the previous survey, it did remark that standards for commercial real estate (CRE) loans had tightened.
The market is rising… or is it?
The number of individual S&P 500 companies above their 200-day moving averages (200-DMA) has rolled over.
Put simply, the broader market is NOT confirming this move in stocks.
So overall the momentum is leaving the market... but still the stock market index is going higher...
Why is this?
Because the market is being propped up by just a handful of Tech Companies.
Those companies are: Apple, Amazon, Microsoft, and Alphabet.