The Fed and the U.S. Treasury are the 800-pound gorillas of the U.S. stock and bond markets. Their actions have largely determined the direction of the markets for the past 15 years.
That's why I developed the LAMPP indicator to track their combined impact and why it has worked so well. I expect it to continue to do so far into the future. It behooves us to pay attention to its message from week to week.
At times when the LAMPP is yellow, some of the dozens of other market liquidity indicators that I track may help us to understand whether to stop or go.
When the Fed is not controlling the market, something else is – and it's probably not what you're being told.