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The Weekly Track spigots

- The Weekly Track – Spigots by Bob Savage
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Cold weather. The arctic vortex crashes down on the US with my spigots suffering like my fingers. Anyone that has suffered frozen pipes knows the feeling: spigots become freezing ice volcanoes after a thaw. Burst pipes and ongoing cold blasts make the present market melt up look technically bearish, even while the headlines improve over the big worries with China perpetual bond issuance for banks seen as a U-turn on its forced deleveraging of the shadow banks; with Trump blinking on his wall money and reopening the government; with the UK May blinking with the DUP over Brexit and with the ECB blinking over its rush to normalize. Nevertheless, the last week was modest for risk takers with the economic data confirming the 4Q downturn has no real bounce in 1Q and so the gloom set in for the “gliteratti” of the WEF Davos as the IMF cut its WEO growth for 2019 and increased the downside risk.