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Today, I’m on a train again, sort of like the market. Chugga chugga choo choo. I’ll check in when connections are available.
I will also work on a Liquidity Trader Money Trends update. On the Treasury supply front at least, there’s nothing to stop the rally in the immediate days ahead. Coupon supply is very light here at mid month, and Bills are money, as we all should be aware by now.
Clearly, the US Treasury knows how to run monetary policy outside of the Fed, and even counter to what the Fed’s goal is. It does so with the mix of bill versus coupon issuance, and manipulation of the Treasury’s cash account. After all, the Treasury Secretary is former Fed Chair. I will delve into that more in the upcoming report.
On the hourly bar chart of the ES 24 hour S&P futures, the market has been at an absolute standstill overnight and in the premarket. We’re due for a 4-5 day cycle low today or tomorrow. That does not bode will for bears. If the ES clears 5450, the next target would be around 5480. It would need to end today below 5420 to get anything going on the downside. Swing Trade Screen Picks – Catching Many Fish
For moron the markets, see:
- Pit Oval Week Lies Ahead August 11, 2024
- Swing Trade Screen Picks – Catching Many Fish August 12, 2024
- Still Looking Up for Gold August 9, 2024
- Tax Collections Were Worse than the Jobs Report But… August 5, 2024
- Why Primary Dealers Net Short Fixed Income Is Now Bad News for Stocks August 1, 2024
- End Stage Hysteria Breaks July 24, 2024
- Picking Up Nickels in Front of a Steamroller July 9, 2024
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