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Flying Burritos in the Matrix

Flying Burritos in the Matrix

ECB stands pat. Phoenix real estate: inventories up. Oil prices: inventories down. Mario goes mobile. PlayStation Slim. More M&A. Flying burritos. BAML thinks we’re in the matrix.
Financial Review by Sinclair Noe for 09-08-2016
DOW – 46 = 18,479
SPX – 4 = 2181
NAS – 24 = 5259
10 Y + .08 = 1.62%
OIL + 1.83 = 47.98
GOLD – 6.80 = 1339.20

European Central Bank policymakers had expressed concerns following the Brexit vote; they said they were ready to unleash fresh stimulus to support the Eurozone if needed, but economic data since has been mixed and ECB President Mario Draghi hasn't spoken publicly for seven weeks. Today, Draghi announced no change. The ECB left the main refinancing rate at zero, the deposit rate at minus 0.4 percent and asset purchases at €80-billion-euro a month. The ECB’s position is that the QE program has the flexibility to be adjusted. The limits on individual bond purchases could be raised again, or the central bank could drop its self-imposed rule that debt i

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