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As a former resident of Florida for 30 years, my thought is that Florida will cease to be viable for any investment at all after this. I sold my property in the spring of 2022, but I take no pleasure in that. Millions of people will face hardship.
I had long worried about a storm like this. West Palm Beach, where I lived, will dodge this one, but it won’t matter. The hit on the west coast and central Florida will be devastating for the whole state.
Insurance has already become unaffordable for most people, and this storm will wipe out the small insurance companies that remain in the state. They won’t pay out in full, if at all. And they too will cease to exist. The state insurance fund will be wiped out. It will cease to exist. The damage will possibly reach the trillions. Without insurance, rebuilding will be all but impossible. Life as we know it in Florida will cease to exist. The areas of the state that Milton destroys will go back to nature, where it should have stayed in the first place.
The state government talks about depopulating the state insurer of last resort. They should talk about depopulating the whole state.
There’s no magic recovery here. I just hope that everyone is out of harm’s way.
Meanwhile, back at the stock market, the bulls face a seawall at 5750 on the ES. If they breach, the next move would be to the top of the consolidation pattern at 5770. Breaking that would have a measured move implication of 5860. A 4 day basis cycle projection points to 5785. 2-3 day cycle projection is 5775. They don’t portend a breakout.
If the seawall holds back the bullish wave, then a pullback to trend support would be in order. It starts around 5740-45 at the NY open, and rises to 5755 at the closing bell. If that line breaks, the next support test would be around 5715.
Swing Trade Screen Picks – Lots of Sell Signals Again
Meanwhile, the 10 year Treasury Yield continues to threaten to go higher. That would spell big trouble for all the markets.
And what about Cryptonite? Is this a BTC top or consolidation. I don’t pretend to know, but I can see that key levels are 66600 and 60k. Whichever gives way first should lead to a move.
Gold is still worrisome. Signs that This Might Be the End for Gold 10/2/24
For moron the markets see:
- We’re Now Week to Week for this Bull October 9, 2024
- Swing Trade Screen Picks – Lots of Sell Signals Again October 8, 2024
- Moderating Bullish Outlook October 7, 2024
- Get Your Red Hots Here October 3, 2024
- Signs that This Might Be the End for Gold 10/2/24 October 2, 2024
- Market Can’t Live By Repo Alone September 25, 2024
- Macro Money Blows the Roof Off September 17, 2024
- Primary Dealer Clown Show Danger Pales in Comparison to Hedgie Daredevils September 11, 2024
- Here’s Hard Evidence that the Slowing Economy Narrative is False September 8, 2024
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