Menu Close

Crawling Up the Wall of Worry 11/14/23

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.

The pattern of the hourly ES 24 hour S&P futures so far this week looks just like last Wednesday and Thursday. Which is meaningless. The trend is mildly up. Hourly oscillators are on the sell side, but well above the zero line and creeping higher. In the old days we might call this accumulation. By whom, that’s the question.

There’s still a 5 day cycle projection of 4440. I’d have to say that the odds are still tilted in that direction. Beyond that, well looky here.

128hj1

Meanwhile, the 10 year Treasury yield is trying to pull back to test the uptrend line. If they don’t get it there within a few days, start the countdown to the next blastoff. Meanwhile, Wall Street Primary Dealer shills are out this morning spreading the bullshit so that they can distribute their unwanted Treasury inventory that they are choking on. Rate cut predictions left and right. Not just one rate cut but as many as four. Also pronouncements that inflation is dead. https://www.bloomberg.com/news/articles/2023-11-13/ubs-strategists-see-far-deeper-fed-rate-cuts-than-market-pricing

But I doubt it. Fuggedaboutit! Treasury Supply Ain’t Going Away

128hyf

Gold? Working on a Gold Trader update for subscribers to be posted later this morning. This looks like a good place for a reversal.

128i1n

 

For moron the markets, see:

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