Turn the other cheeck

In order to stem the panic selling, China cut rates and reduced bank ratio, making the yuan even weaker and pushing the dollar higher. Translation: China has allowed families to use the equity of their homes as a collateral to buy stocks, the dumbest thing one can imagine. Hence they pumped hundreds of billions of yuan to reduce margin pressure on speculators accounts, but for how long? Yet another page in the unrelenting currency war unleashed by the Fed. Where are we going to? If the counter rally holds, resistance is just above at 17800 area. Then we will re-test the support at 15200. SP 500 chart does not look pretty. Stand by.

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