Menu Close

First The Street Puts You to Sleep 11/8/23

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.

Then it effs you.

But maybe this time is different. Maybe this pattern on the hourly chart of the ES, S&P 24 hour futures is a launchpad. The uptrend channels remain intact as of 7:30 AM in New Yawk. For any material change in trend, the ES would need to end any hour below 4370. And then it would need to break 4350 to create a real top pattern.

Feels like a tall odor. Not Just a One Week Wonder

124u56

Meanwhile, this countertrend bullish move in the bond market (down in yields) is still just that. Countertrend. As the daily chart of the 10 year Treasury yield illustrates. Get it below 4.50. Then we’ll talk.  Fuggedaboutit! Treasury Supply Ain’t Going Away

124ub-

As for the yellow relic, I think it looks good, but the miners aren’t having it. Gold Bullish Pullback But Miners Are Doubtful Let’s see how far this pullback goes before we lather up.

124ufg

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