GE has a total $116 billion in debt. In the quarter ended Sept. 30, about $3 billion of that was commercial paper, which is ultra-short-duration debt.
Zero says: yesterday “GE found itself completely shut out of the Commercial Paper market, when Moody's downgraded its senior unsecured rating … and downgraded the short-term rating … making future sales of …[Commercial Paper]… impossible.”
GE said on its earnings call that it would replace that funding with a net $40.8 billion of available credit facilities committed from banks [at higher rates].
Canary in the coal mine? https://www.zerohedge.com/news/2018-10- ... to+zero%29
rejected at range high, sharp pullback would mean to test the rang low, small pullback or consolidation would add chances of breakout, so key time. fingers crossed.
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As I said yesterday GE is the poster child for the new sky is falling narrative. The issue, to me, with corporate credit will blow up the world is it has that slow period of getting worse before the big bang collapse. I have no idea how to time it. GE is ok they just will not make as much money as they were.
breakout is a little more likely than further pullback here.
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breakout as expected, the current bar looks bad though so maybe just a false breakout. no time left anyway.
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on a daily internals I don't see anything that is not good.
overbot but not bearish. a little pull back to relief the rally short term overbought pressure can go a long way
expect limited upside with slight pull back to get healthy here.
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My comments are for entertainment/educational purpose only. NOT a trade advice.