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And That’s the Way It Was 11/22/63

This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

It was 60 years ago, during the Cuban Missile Crisis when I felt my first loss of innocence, and became acutely aware that the world was not a safe place, that terrible things could happen, from which mom and dad could not protect me.

The second time was 59 years ago.

I was in junior high and the principal came on the PA system, told us that the President had been shot and that we were being sent home early. I ran home and turned on CBS News and watched as Dan Rather reported from Dallas and Walter Cronkite reported from his desk in New York. I vividly remember Cronkite removing his glasses with a tear in his eye, announcing that the President was dead.

And that’s the way it was. 59 years ago today, November 22, 1963.


 

But none such sadness today. Today we celibate the return of yet another bullish consolidation pattern. OK, so maybe it’s not bullish. Maybe it’s just flat and dreadfully boring. First things first, they gotta clear 3968, and then 3987. If that happens, then we could be looking at a rip snorter with a target of 4067 for the turkey.

On the other hand, if the bears show some stamina and fortitude, and take out 3940, then I’d look for 3900 later today. Here as of 7:38 AM ET, this chart isn’t tipping anyway. They don’t know, and neither do we.

Chow for now.

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If you’re serious about the underlying forces of supply and demand that drive the markets, join me!

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In case you are wondering, BTC has a short term cycle projection of 15,000, but I see no reason why it wouldn’t get to the 9 month cycle projection of 13,500 over the next week or so.

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Of course, the long term target remains 5000 below zero.

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