04 August 2016

SP 500 and NDX Futures Daily Charts - Rangebound Until Non-Farm Payrolls

The markets got what they expected from the Bank of England this morning,  with a 25 basis point cut, and an expansion of QE to include corporate debt.

If the financial system was not corrupt and broken this might mean something.  Alas, it is not, so it does not, except for more of the same kind of corporate debt expansion to buy back stocks, boost payouts to the one percent, and build monopolies.

So stocks continued to wind around within a relatively narrow range that has held good for the past 19 trading days.

Tomorrow we get the US Non-Farm Payrolls. An outlier either way *could* shake things up a bit.

Let's see what happens.

Have a pleasant evening.