State of the Market – 26 July 2015


Long term is below 50% for the first time since 2012.


Medium term is slightly oversold at around 40%.



Short term is again oversold.  We’ll need to monitor it’s behavior at these levels to see if it bounces higher or lower than the previous point.   The same applies to the medium term indicator.

Things have definitely been changing recently.  The CPI adjusted monetary base has been shrinking on an annual basis for the first time since 2012.