The stock market indices started the week off on a very strong note, gapping up at the opening, moving in a sharp 5-wave advance early on, then consolidating mid-day, reaching new session highs in early afternoon, and backing and filling the rest of the session in what appeared to be possible topping-type patterns.
Although the Nasdaq Composite has unconvincingly moved back above its 50-day moving average, the S&P 500 and Dow Jones Industrial Average remain stuck below their 50-day MAs.
The adjusted monetary base is exploding. Bank reserves are literally through the roof. The Fed is flooding money into the system in an effort to get banks to lend. What does this all mean?
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