$$$ is at critical point. If the reg channel holds, we may see a wave 5 up, otherwise everything else will be at large, Gold, ES, Oil, you name it.
The Fed "exit" policy may be implemented in the order:
- first, pull out short-term liquidity tools, such as stop buy back of mbs;
- further increase the discount rate, which is in rumor now;
- after raise bank reserve, the famous Chinese way, (Are we Chinese now? Yes we are Chimerican now. Will this strategy work in the US? I doubt);
- last raise interest rate.
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