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Sell Rosh, Buy Yom 9/25/20

This is a syndicated repost courtesy of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Reposted with permission.

Crossing Patterns Confuse the Defense 9/25/20 was my original heading on the thread at the Stool Pigeons Wire.

Well, at least that was the case a couple of hours ago, but no longer.

The 2-3 day cycle projection as of 6:30 AM in New Yak was 3205. Looks like “Sell Rosh Hashanah. Buy Yom Kippur,” works again.

Anyway, here’s what I wrote earlier this morning:

What a mess. Let’s start with the 2 hour bars again.

Downtrend intact. Indicators say 5 day cycle is in an up phase. So far, it’s weak.

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Now the 1 hour bars. Zooming in, the indicators say that the 2-3 day cycle has turned down. The pullback is underway, but it’s looking benign. If it holds above 3225 or so, it’s a consolidation in prep for another move up. If they clear the trendline now at 3252 at 5 AM in New York, then the next target would be 3268, and possibly points north. Bears would need to break 3218 to take charge again.

tvc_9f0cb22b4c51ba9ea8c76b91091678d4.png

And here’s how it looked at 6:30 AM on the 30 minute bars.

 

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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish LiquidityTrader.com, and was lead analyst for Sure Money Investor, of blessed memory. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both sales, analytical, and trading capacities. Prior to starting the Wall Street Examiner I was a commercial real estate appraiser in Florida for 15 years. I was considered an expert in the analysis of failed properties that ended up in the hands of bank REO divisions, the FDIC, and the RTC. Remember those guys? I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. I'm not some Ivory Tower academic, Wall Street guy. My perspective comes from having my boots on the ground and in the trenches, as a real estate broker, mortgage broker, trader, account rep, and analyst. I've watched most of the games these Wall Street wiseguys play from right up close. I know the drill from my 55 years of paying attention. And I'm happy to share that experience with you, right here. 

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