Support the Wall Street Examiner! Choose your level of support to receive a free proprietary report as my thanks. Click the button below to see your options. Become a Patron!

Worker’s COMP

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

Well, Thursday was a peculiar day. It started off nice and red, but, as usual, thanks to Fed intervention, everything shifted green. In this instance, the kabuki player they shoved in front of a microphone was Fed President John Williams. So whereas the day started off weak due to real information (lackluster earnings), it ended the day strong thanks to bluster (the vapid utterances from Williams’ lips). Whatever works, right?

Liquidity moves markets!

Follow the money. Find the profits! 

I wanted to point out the minor crossroads the market is at currently, by way of the Dow Jones Composite. Here are the past couple of years. We were at the highest point in human history just a couple of trading sessions ago, and it wouldn’t take much to set another record high. The key is whether we can cross over 9051.98:

What’s especially interesting about this chart is revealed when you look closer. This actually gives the bulls something to cheer about, because look what happened with the weakness on Wednesday as well as Thursday morning. All that transpired was that the Dow Composite eased back to its horizontal breakout of 8907.93. Indeed, the low for the day on Thursday was merely 0.04 points above that level (!!!) which is as clean and successful a test of the breakout as you can imagine.

Thus, the market is poised for more strength, unless that price gap is broken. So those are the two levels to watch: 8907.93 on the bottom and 9051.98 on the top.

Oh, and by the way, my egging people on to sign up for Bronze is going well; I am delighted to welcome the new premium members!

Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. I may receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.

Try Lee Adler's Technical Trader risk free for 90 days! Follow the money. Find the profits!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.