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As central banks buy nearly everything, technical analysis is a fraud
1:07p Tuesday, July 12, 2016
Dear Friend of GATA and Gold:
Zero Hedge today reports the latest findings by Citigroup market analyst Matt King, who has determined that stock markets keep going up because selling in emerging markets has been more than offset by "a surge in net global central bank asset purchases to their highest since 2013."
Soon, perhaps, central banks will have purchased nearly everything to maintain asset prices and prevent markets from functioning, thereby enveloping the world in "financial repression." Or, as a high school graduate remarked at GATA's Washington conference in 2008, "There are no markets anymore, just interventions":
So what are the "technical analysts" among the financial letter writers really analyzing? Not markets but their own gullibility or that of their subscribers.
Zero Hedge's report on King's findings is headlined "The 'Mystery' of Who Is Pushing Stocks to All-Time Highs Has Been Solved" and it's posted here:
http://www.zerohedge.com/news/2016-07-12/mystery-who-pushing-stocks-all-...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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