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When Long Isn’t Wrong 1/4/21

We bears may consider it morally wrong and repugnant, but greed is good, ergo…

Here we go again at 5 AM ET.

The ES has hit uptrend channel resistance at 3772 and should pull back a bit.  The 2-3 day cycle projection of 3770-75 was hit.  The 5 day cycle projection looks a tad higher at 3780-85.

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If they get through this trendline around 3775, the next one and likely target is now around 3785-90 and rising. The pattern that they just broke out of overnight measures to around 3780-85.  We should see 3800 later this week, if not this afternoon.

I post my intraday trading pattern observations at The Stool Pigeons Wire. Join me! 

For the big picture go to Liquidity Trader.

Projections Point Higher, So When Will Shorts Start Working?

Here’s to a better year for all in 2021!

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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