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The Dennis Rodman Market 12/22/20

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

As you know, Dennis Rodman was one of the greatest rebounders in NBA history. Likewise, after his career, he always had the knack of rebounding into the spotlight in strange and mysterious ways.

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Meanwhile, back at the stock market, the ES fucutures are rallying again. The rule is, always fade a counter trend, news driven overnight selloff. Had you covered any overnight shorts you may have held from the day before, and gotten mostly long in the morning in New York, you had a nice day yesterday.

The trend is your friend, until it isn’t.

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I thought it would be interesting to look at the hourly bar chart as if the European news driven panic didn’t happen.

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Interesting, huh? Looks a litte more bullish.  If anything, that panic selloff and the rebound may have put some people on the sideline that want back in. With all that firepower, looks to me like 3704 is the GO-O-O-O-O-L today.  At least at 4:15 AM New Yak time.

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For the big picture:

Look Out Bears, We May Be Headed for Excess QE

Charts Show Market Set Up For Santa Claus Rally and Rockin’ New Year

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. 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. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

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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