Over the last few months, we’ve been warning that caution is the word of the day. The market was concerned that the FED’s September Statement would include provisions for tightening. That doesn’t seem to be their stance for the near future at least. But that doesn’t mean that the market is going to skyrocket either. As we can see in the following chart of the NYSE, the market definitely leveled off over the summer (despite the FED pumping $120 billion per month into the economy).

There’s one indicator that many investors overlook, and that’s the weekly change in “sight deposits” at the Swiss National Bank. This chart helps show when a financial panic could be building.