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On 11/12/2023 at 9:35 AM, fxfox said:
I was a big fan of his during my days on the Street. Farrell never imagined that the Fed would engage in long term rigging of the stock market to only go up.
There are long periods when the general consensus is right.
Bear markets no longer have 3 stages, and they haven’t since the 73-74 bear market.
The “public” is actually institutional investors.
Exponential runs sometimes do correct by going rangebound.
The other points are generally still true, although obviously bear markets are a helluva lot more fun than bull markets. 😂
At Friday’s close I had thought that the ES, 24 hour S&P futures were headed straight for 4450, but this morning the hourly chart 5 day cycle projection has moderated to 4430, thanks to the Monday morning quarterback pre market trades where a few longs had second thoughts. So now the target is two resistance lines around 4430. If they start to turtle above that, then I’d expect 4460-65 this afternoon. Meltup Gonna Take You Hiya
Over in the bond market, the 10 year Treasury yield is still in its uptrend channel, but also still losing upward momentum on the cycle oscillators. Maybe a little pullback to test the trend before the move to the upside in yield resumes. Fuggedaboutit! Treasury Supply Ain’t Going Away
The yellow relic remains its frustrating self, and the short term poor tents (down by the river) aren’t good. Gold Bullish Pullback But Miners Are Doubtful
For moron the markets, see:
- Meltup Gonna Take You Hiya November 12, 2023
- Gold Bullish Pullback But Miners Are Doubtful November 8, 2023
- Swing Trade Screen Picks – More Longs November 7, 2023
- Not Just a One Week Wonder November 6, 2023
- Fuggedaboutit! Treasury Supply Ain’t Going Away November 5, 2023
- Which to Believe, the BLS or Actual Tax Collections November 3, 2023
- Here’s Why Macro Liquidity Still Signals Record Danger October 28, 2023
- Dealers Pull In Their Horns October 14, 2023
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