EUR 21.16 For Business Accounts Only

The Weekly Track clocks

- The Weekly Track – Clocks by Bob Savage
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I have my great grandmother’s clock from Vienna. It doesn’t work, but I remember the chime and its loud tick-tock from my childhood where my Nana kept it safely out of my grasp on the mantle and dutifully wound it weekly. Today it’s a mess, even when it’s working, its too fast or too slow and the ring is mute but the frame is grand and the carvings ornate with worn gold leaf bringing back great memories of tea and cookies. The sparkle holds. For anyone that trades or invests, the clock is the perfect analogy of the last week. We are all pushed to believe in future expectations driving the present crisis of volatility where confidence cracks under the weight of earnings outlooks and growth doubts even as the Fed promises to be data reactive. There is a fond memory of the QE and ZIRP days with little recognition that the value of the broken policy clock still has some purpose other than tired sentiment. Financial Conditions become everything in such an environme
nt and the washout of risk last week puts into doubt the hope for a holiday rally let alone any happy new year.

The economic data becomes that much more important in such a world with the US surprise index justifying the present price worry. Whether this sentiment can last another week without a bounce back looks important. Remember even broken clocks are right twice a day.