Follow me. Go in here and take your clothes off. The bottom will be with you shortly.
How do I know this. I spent the last two days unwinding all the asinine long positions in my trading port and by late yesterday had gotten completely flat, while pondering a new career, the meaning of life, fallibility, and our mortality.
The worst part is that I’m actually beginning to think that Burton Malkiel had a kernel of truth in his Nobull Prize winning market feces.
I can’t think of a better bottoming indicator. Temporarily, of course.
Another indication is that overnight, the ES 24 hour S&P futures all but hit the latest 5 day cycle projection of 4200. On the other hand they didn’t quite reach the conventional measured move target of the top at the bottom pattern which was 4185. But hey, what’s 15 points among friends.
So now we wait for signs of a real turn which might result in a return to the scene of the crime, the breakdown level around 4250. But watch out if they don’t clear 4240. This could get much, much worse. 4195 is now the key spport level to watch in that regard. On the Lookout for Big Low
And now, let us consider the true disaster, the Treasury market. It’s bad, but due for respite. They need to get this below 4.75 today or tomorrow, or this too could get a lot worse. I have a Liquidity Trader report in the hopper for a bit later today that will look at the horrendous implications of this for the future of life on earth as we know it.
For moron the markets, see:
- Tepid Tax Collections Mean It’s the Supply October 4, 2023
- Screen Picks – Definition of Insanity Exemplified October 2, 2023
- On the Lookout for Big Low October 1, 2023
- Gold on the Brink of Secular Trend Sell Signals September 27, 2023
- The Rhymes of History September 24, 2023
- Here’s Why This Is a No Clickbait Market for Primary Dealers August 24, 2023
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