You really need to get your tongue out of your cheek, Lee. And you should be above clickbait headlines. For what, 4 extra sets of eyeballs? SHAME! SHAME on you!
But boy to we live in interesting times. This morning I’ll be working on the latest QE/Treasury Supply/Tax Collections/RRP Slush Fund etc update to spell it out for you. And let me tell you! I’ll say this about that. Most people won’t believe what they’re about to see. But we will. Because everything that we’ve been looking forward to is coming to a head here, right on schedule.
There are no mysteries. It’s pretty straightforward if you are tracking the right data, which is the data that measures and illustrates the forces of supply and demand for financial assets. I’m not Goldman Saxophone, I can’t read all the notes, but we can see the ones that matter the most.
And they’ve unfolded in the sequences that we expected because the people who run this stuff either told us, or showed us, how they would unfold, based both on their posted schedules, and based on our observations of their past behavior. In the business of central bank market manipulation and its interaction with government fiscal policy, the past is indeed prologue. So stay tuned for that update, over at Liquidity Trader, to be posted this afternoon.
As for prologue, at least read the summary lead-ins of the last two reports, even if you are not a subscriber. Prepare for Market Doom, the Moment of Truth Is Here and Why It’s Big Trouble that Real Time Tax Data Shows Economy Still Growing Fast. These should give you some idea, hopefully enough to get you to take that risk free 90 day trial! 🙃
Meanwhile, here at the Stool we focus on the intraday technical fartcalls that build upon themselves to create the bigger technical picture that I cover in the Technical Trader reports. Liquidity sets the context. Technical analysis shows the resulting action, and is the basis for trading.
We usually focus on the hourly chart of the ES, S&P 5 plus 495 fugutures. Here’s this morning’s at 5 AM in New York. The New York mob wiseguys haven’t gotten to their screens yet.
Yesterday when they started to, around 6-6:30 AM, they started selling, and they haven’t stopped yet. At Wednesday’s close, I thought we might see an infamous finger on the charts. It took until the next morning, but insertion began as soon as the Syndicate awakened on Thursday. This morning, they’ve crooked the finger so that the knuckle is now being inserted. At 4611, it will be all the way in. Between here and there, we’ll find out what comes out in the end.
There’s no 5 day cycle projection, yet. The 2-3 day cycle projection is around 4625. The chart says that that’s also a sport level. So maybe they won’t get that finger all the way in before the market squirts.
Meanwhile, the big picture.
Swing Trade Screens – More Buys Than Sells Again This Week
Here’s Why Not to be Dumbfounded in Disbelief
Prepare for Market Doom, the Moment of Truth Is Here
Gold Hangs By a Thread on the Eve of Destruction
Why It’s Big Trouble that Real Time Tax Data Shows Economy Still Growing Fast
When the Fed Balance Sheet Will Hit the Fan
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