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The Problem With Modern Monetary Theory

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A Little Late but Still Expected

The high forecast by the Hybrid Lindsay model for early last week was delayed for three days by option expiration. Even if the high is seen today or tomorrow, that would still be within the margin of error for the model. The new high in the Dow probably means that a new Basic Advance began last February but we'll wait and see what happens during the upcoming pullback before making that "official".

The Bondsy Scheme discussed last week saw bond yields bounce right on time with the expected six-month low in TNX (the yield on the ten-year US Treasury note). TNX had its best week since June 2013 gaining 16.69% and closed at 15.94 above the 30-dma. As interest rates continue up, liquidity should dry up putting pressure on equity markets.

10-Year Treasury Yields
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