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Praying to Jaysus for Deliverance 10/30/23

This is a syndicated repost published with the permission of Stool Pigeons Wire at 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’s FOMC circus week. The elephants are entering the ring. We know what elephants do when they enter the ring, don’t we.

Ringmaster Jerry and the Ratemakers will put on quite a show, and the market will ooh and ahh. In preparation, the shorts are leaving their seats this morning, and the would-be longs are taking their seats, expecting a really big shoe.

Thanks to all that jockeying for ringside seats, we even have a little uptrend channel to work with this morning on the hourly ES, S&P 500 futures. The number to watch for the stadium stands to come crashing down looks like 4140. If that breaks, shorts gonna have some fun’anight.

Pardon me for switching metaphors again, but in addition to being about the circus, Wall Street’s relationship with the Fed is also about religion. If 4140 holds up, bulls will have their Hour of Power and sing their praises to Jaysus, for yet another deliverance from the evil bears.

For the time being. Last Week I Warned of Market Crash Potential


Meanwhile, over in yield land, Wall Street keeps pumping Treasuries to its customers. It’s the biggest pump and dump operation in history, with a patina of respectability because these are US Treasury securities after all.

They may as well be used toilet paper as far as I’m concerned.

All of these Wall Street shills recommending the 10 year at 5% are the same soulless hucksters who were recommending it at 4%, and 3% and 2%. There were even people like Lacy Hunt who were shilling at the top of their lungs at 1%. Clowns and charlatans all.

The same conditions that led the 10 year to go from 0.5% to 5% are still in force today. Why would anything change until those conditions change? But hey, if someone wants to lock in a 5% yield for 10 years and can hold the paper to maturity, be my guest. On the other hand, if it was money that I might need to get my hands on at some point…   Here’s Why Macro Liquidity Still Signals Record Danger


For moron the markets, see:

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