If you want to see a real bear market structure …
Today we had a perfect example in the US market:
Ahead of the open … NEWS … at first sight positive, but a non-event … today we had the Citibank “news” and the Mortgage applications.
WHY? To start selling from a higher level …
After that … SELLING […]
Citibank is close to announce the sale of around 12bln$ of debt.
This is seen as positive and bullish … hmmmm
My take:
1. This is buy-out related debt, NOT mortgage related … so they sell “better” debt
2. They lock in a loss … and free as it is leveraged debt only a small amount of their balance […]
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