The BOJ seeks to double its monetary base (which is an economist's way of saying devalue), and the president of the IMF, Christine Lagarde, welcomes it as another step toward global growth.
IMF’s Lagarde backs Bank of Japan’s new easing
Just this morning I read this from El Rey de Espadas, @CrowdBehaviour on Twitter, and it ironically describes these policies well:
INEPTOCRACY - A system of government where the least capable to lead are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing numbers of producers.
Asia is down with the notable exception of Japan where the Nikkei is still blasting to the moon, closing above 13,000. I don't care that I left money on the table.
Europe is up across the board. Margaret Thatcher died of a stroke. I hope that she rests in peace. I have no idea what it was like to actually live under her leadership, but I always admired her from afar.
S&P futures are up this morning, but looking tired. The level I'm interested in is 1560.26. Above this without a new low lessens the odds of the bear case considerably.
While it is possible that a five-wave impulse has been made to Friday's lows of 1539.50, it doesn't look right and doesn't count well. Therefore I'm still leaning toward the idea that a correction is taking place.
If 1539.50 marks leg A, however, a B-wave bounce could test the 1565 area before a C-wave test of 1530 perhaps. Difficult to tell at the moment. But I will probably trade as if the correction is not over.
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