by Graham Summers, Gains Pains & Capital:
The market is being ramped higher by traders who believe:
1) The US’s delay in entering Syria is bullish
2) That the PMI data out of Europe indicates all is well over there.
The primary concern with these beliefs is that they overlook at tremendous amount of problems brewing in the financial system.
1) The 10-year bond is yielding 3%. Contrary to what a Central Banker will tell you, higher interest rates are not good for stocks, particularly in an over-leveraged financial system.
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