Originally posted at Capitalstool.
Wall Street has never been one to make moral political judgments. Although it has been known to make judgements on political events that would affect the US economy. Obviously we just saw evidence of that over the past week.
Now, the rally is slowing down. Is it related to the naming of the ever popular Matt Gaetz as Attorney General and Putinist Gabbard as Director of National Intelligence? The idea of recess appointments without Senate confirmation is another one that might give the market second thoughts. Firing all top military officers who might not be too keen on putting troops in the streets of American cities also could cool the ardor of many investors.
Certainly, no investors care if the government deports millions of immigrants working in low paying jobs that Americans don’t want. They can be quickly be replaced with Elon Musk’s army of robots.
No. Investors, traders, and dealers don’t care about such concepts. But who knows, a few of them might be Democrats. That would suck if they started worrying and stopped buying.
I doubt that that will happen, and in the short run, a consolidation is hardly unexpected. Looking at the 2 hour bar chart of the ES, 24 hour S&P futures, that’s exactly what this looks like. If anything, it’s a launchpad setup for more explosive upside. 3-2-1 Liftoff
The first step to a move materially higher would be to clear 6020. More Buys and a Few Shorts
The breakdown of the huge top pattern in the EUR/USD points to a target of parity.
In the shorter run, intermediate cycle projections point to 104. Here’s Why Lower Treasury Supply Ahead is Bullish or Super Bullish
Gold’s conventional measured move target of the top breakdown is 2440, but it has reached trend spport and should react. Gold Melts 11/12/24
Meanwhile, cryptic assets approach targets. BTC has reached its target of 92k on a conventional measured move basis. But intermediate cycle projections now point to 98k. Let’s round that off. 3-2-1 Liftoff
Treasuries have seen some buying as the 10 year yield bumps up against trend resistance in the 4.50 area. Cycle projections point to 4.60. Still waiting for dead bodies from this huge selloff in the bond market to start floating to the surface. Primary Dealer Crisis Now, Crisis Later
I know of no source for this big spike in the Fed’s strategic deferred QE reserve slush fund. Strikes me as the possibility of a big whale cashing out of something, somewhere. Primary Dealer Crisis Now, Crisis Later
Meanwhile, the Treasury is still issuing T-bills when it doesn’t need the cash. Don’t Be Misled By October Tax Collections Collapse
For moron the markets see:
- Gold Melts 11/12/24 November 12, 2024
- Swing Trade Screen Picks – More Buys and a Few Shorts- Link Corrected November 12, 2024
- Here’s Why Lower Treasury Supply Ahead is Bullish or Super Bullish November 11, 2024
- 3-2-1 Liftoff November 10, 2024
- Don’t Be Misled By October Tax Collections Collapse November 5, 2024
- Primary Dealer Crisis Now, Crisis Later October 31, 2024
- Liquidity Measures Show Markets Stretched to the Limit October 21, 2024
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