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That Sinking Feeling 9/21/23

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.

Today’s lesson. When you live in France, never take the evening off to go out to dinner, when Odd Uncle Jerry is having one of his weird Wall Street media kiddie porn shows.

I  as yet have no idea  what he said that triggered this, but the pickings were apparently ripe. Frankly, I missed the signs. There were warnings in the liquidity picture that suggested that a top could be at hand, but the technical timing suggested otherwise. I cast my lot with the technical. Barring a miraculous recovery today, that was just fucking stupid.

Approaching 6 AM ET, the market continues to sink, with the ES, 24 hour S&P fuguetures pointing to 2-3 day and 5 day cycle projections of 4380, or possibly 4360 on the 5 day. We’re there now with 3 day and 5 day cycle lows a bit overdue. That’s ideally speaking.

Anyone who came back from dinner with their longs still on is shitting blood and praying for a bounce right now.  Shape of the 6-month Cycle Bottom

11gojo

Meanwhile, the 10 year yield looks like the big show with an enormous high base breakout over the past couple of days. It measures to 5.40. Without policy easing, that won’t be the end of it either as I have been shrilly warning since Q3 2020 in Liquidity Trader. Update coming soon. Keep your dial set here and stay tuned.

11gp2m

Or in terms of price, TLT chart not showing the breakdown yet, but you get the idea.

11gp2g

For moron the markets, see:

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