Menu Close

Fade the Jobs Number 3/10/23

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.

So none of this is a surprise, but the market acted surprised yesterday because investors let Wall Street lead them around by the nose. The barkers on CNBC are the border collies working for Street overlords. The institutional clowns who watch that crap are the sheep, while the public stands bewildered, just handing their money over to these clueless venal, clowns.

Without the Fed on their side, as it was from 2009 to 2021, they stand no chance.

Meanwhile, the Powers that Be, including perhaps Janet Yellen’s PPT, find ways to keep the bottom from dropping out, lest there be too much panic for the system to handle. They can do that for awhile, but not indefinitely. Judgment Day is coming.

Maybe not today. The market, represented by the ES, S&P 500 24 hour futures chart, looks Dover Sole on most hourly chart time frames, and 3890-95 is a VISP: A very important sport level. The latest 5 day cycle projection of 3885 was hit.

On the other hand, crashes start from apparently Dover Sole lows. If this sport level gives way, an 80 point drop could happen in a heart beat.

On the other other hand, nothing lasting will happen on the upside unless they clear 3940 this morning.

-i53s

The 10 year Treasury yield broke down yesterday on a risk off move. Total BS. It can’t last, but the measured move implication of the breakdown is in the 3.60-.65 range. A 4 week cycle projection of 3.83 was already hit yesterday. These reports clearly show, week in and week out, why any rallies in the bond market are doomed.

Gold is back in the middle of its 2 week trading range, likely headed back to the top of the range where important decisions will be made. And that is likely an understatement.

-i57w

For moron the markets, see:

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

If  you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.

Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.

Leave a Comment

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

RSS
Follow by Email
LinkedIn
Share

Discover more from The Wall Street Examiner

Subscribe now to keep reading and get access to the full archive.

Continue reading