Keep calm... It's The Fed tomorrow, what could possibly go wrong...
Ahead of tomorrow's Fed statement and press conference, here is what has happened since they last "did" something...
Submitted by Lance Roberts via RealInvestmentAdvice.com,
In this past weekend’s newsletter, I reviewed the current fundamental, economic and technical backdrop of the market following the March rebound from the recent lows which was front running the ECB’s monetary policy decision.
Even Bloomberg gets it.
In a note issued yesterday, the news behemoth reported what our readers had known for years: that "There's Only One Buyer Keeping S&P 500's Bull Market Alive", namely corporate buybacks, the same "buyer" of stocks that the smart money has been selling to for the past 7 weeks.
Dispelling any confusion about who the relentless buyer into the "wall of worry" is, this is what Bloomberg wrote:
Amid the last two weeks of exuberant short squeeze in crude oil (and anything energy related), investors pulled over $400 million from USO (the largest oil ETF). This week's $348 million outflow is just shy of the record $354 million outflow in Dec 2013. As these outflows hit so bullish positions in oil ETFs have been dropping and bearish positions building once again.
The biggest Oil ETF fund outflow since Dec 2013...
Chart: Bloomberg
As bulls pull back and bears re-emerge (after their record-breaking squeeze)...
Last night we reported that the PBoC is now considering a Tobin tax on FX transactions.
The follows reports that a series of big name money managers - or, as China calls them, “speculators,” “predators,” and “crocodiles” - have placed outsized bets against the yuan.