by David Brady
We got the expected bounces from oversold levels in stocks and to a far lesser degree in precious metals and miners. At the same time, the dollar and real yields have drifted lower. That said, we still remain in a corrective phase for now.
Taking a step back from the day-to-day minutia and focusing on the big picture: Whether we go straight up from here, go down to a lower low now or in a few weeks, unless the Fed et al. are going to allow markets to crash and cause a systemic collapse and the worst depression ever—which I seriously doubt and would go completely against their latest reflation policy—then it’s vastly more probable that they will act sooner or later, worst case after the dust settles post the November elections, i.e., December.