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Big rally on dead ceiling optimism.

Summary:
Don’t forget, we have a big quarterly tax drain in June, so this rally will come back down and you will have an opportunity to Biane if the debt ceiling is actually resolved.

Topics:
Mike Norman considers the following as important:

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Don’t forget, we have a big quarterly tax drain in June, so this rally will come back down and you will have an opportunity to Biane if the debt ceiling is actually resolved.
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

16 comments

  1. I sold a bunch yesterday, because I saw the debt limit showdown as a risk added to the tax drain.

    • Mike Norman MMT Economics

      No worries. There’s still tax train coming up in mid June. It’ll give you plenty of opportunity to get back in.

    • @Mike Norman MMT Economics Yeah. Sometimes a decision was good when you do it based on the evidence. If later you recognize that waiting a day might have been a good idea doesn't change that. It is like poker, you need to make good decisions, if the results are not optimal it does not mean that the original decision wasn't a good one given the available information.

    • Heino Der Sänger

      @Mike Norman MMT Economics you complain about "monetarist zombies" focus on a single factor, yet you do basically the same, just another factor

  2. Good stuff Mike,, thx.

  3. This is awesome! We're pushing right up to the middle line off the Bollinger Band again on the monthly charts of the S&P and Nasdaq. While the Russell, Dow & Transports are showing weakness. With all that's going on, I'm adding short positions. Especially, if we wick higher. Great work Mike!

  4. Join our MMT Team! Mike rocks!!!!!

  5. Κωστής Πετριανός

    Mike, please check the video title. I think you meant to write "debt" not "dead". Thanks for the content as usual!

  6. Heino Der Sänger

    1% is a "big rally"?

  7. The vibe from Mike this past while has been all doom and gloom about this debt ceiling, proclaiming that we are going down. He certainly has not said that it will all be sorted out fine. Admit the mistake on this one Mike at least.

  8. ❤👁

  9. I thought you were bearish? Wait, is this a flip?

  10. The bigger fool theory, who the hell is gonna buy MSFT, APPLE, GOOG, at elevated PE ratios in the hope of selling to a bigger fool, 2s tandard dev, moves in month of May for 1yr daily chart, so far.

  11. Hey Mike, can you please explain net liquidity inflows please? I thought you’ve done heaps of stuff about it in the past

  12. tomvorapot tomvorapot

    Just a quick question off topic from Mike fan, i plan to visit New York, 1-5 June, as an Asian tourist with a back pack wandering about first time with my wife, booked a 1.15 hrs tour for NY stock exchange, and probably a sightseeing bus later, any other recommendations for places to visit? Many thanks in advance!

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