long NDX in the demo account (posting this here to give it some more emotional commitment...), stop 10625.
some NDX rebound would have been due today without the leak, I guess... not least due to futures stabilizing after Friday cash close, and strength of recent oscillation pattern...
market being surprised that banks profit from money laundering, sure... probably more surprised they got caught again... if anything... (plus no banks in NDX)
alternative narrative - for everyone bored by China virus conspiracy theories...:
- lenders (incl. JPM) tightened standards during crisis - see e.g. WSJ May 25th
- mainstream lending facility still has only used 0.3% of capacity (recent Powell statement)
- leak of money laundering records came from FinCEN, a US Treasury unit
Treasury unhappy with banks' lending reluctance plans to take banks under control - explicitly or implicitly - to boost lending activity.
more advanced conspiracy theory:
Treasury plans to take banks under control to boost lending activity - to an extent that eventually makes MMT/MP3 seem unnecessary, at which point banks get privatized again... motivator are of course the banks themselves who profit massively from Fed asset purchases, and are scared of losing said profits if the Fed would start lending to Treasury directly under MMT-motivated MP3...
let me know what you think ...
this is not investment advice..
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