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Treasury Throws a Wrench Into QE-Infinity


Last minute Treasury auction could create a liquidity issue.


Finally, the bullish wave count remains on its last leg here, and as I've noted in past updates, I do not recommend front-running a turn with the market in this position, unless you are an extremely nimble trader. The path of least resistance remains down.

Click to enlarge

In conclusion, while the market is quite oversold and in a support zone -- and those conditions can lead to a rally at the drop of a hat – but for those exact same reasons, this could be viewed as a market perched on the edge of a cliff. Bulls need to start backing away from the edge, or risk tumbling over. Trade safe.

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