Paul was a serious anchorman, unlike the clowns on CNBC. May he rest in peace and honored memory.
In other news, I got suspended from Twitter again. There was a tweet about Sarah Bailin, who is suing the NY Times for defamation (there’s an oxymoron) getting Covid. And I said wow, wouldn’t it be cool if she dropped dead from Covid. That got me banned for a week for abusive language wishing the death of another person. I wasn’t wishing it. I just thought it would be hilarious poetic justice. I mean we all die. We all gotta die of something! If Sarah died of Covid, it would be funny, given that she’s an anti-vaxxer.
Twitter has no sense of humor.
On to other things. Today in the market, we have the ES fugutures attempting to comeout of another bottoming pattern on the hourly bars. The number it must beat is 4420. It exceeded that by a point in the last hour, but then stalled. Normally a minor break presages a later breakout. But that was a bull market rule. And this isn’t one of those.
The 5 day cycle projection is only 4425, but that also implies a breakout, which would push that projection upward.
If it does break out, we’d be looking at a measured move target of 4475 or so. If it doesn’t break out, the numbers to watch on the downside would be 4365 and 4350. Breaking those would start the fireworks to the downside.
Meanwhile over in Craptoworld, the buttcoin long squeeze out cavalcade should be exhausted for now. They hit the 3 month cycle projection of 33,500 and slightly broke an apparent sport level at round number 35,000. Then they came roaring back. The thing is, however, if they don’t clear 39,000, they got nutthin. The trend would still be extremely weak.
The measured move target of the recent top breakdown is 14,000 or so. The 6 month cycle projection has been pulled up a bit, but still points to 27,500. That implies that the top to end all tops will be completed. Once that happens, the measured move target would be negative 5,000.
I have no further comment.
The 10 year Treasury yield is still winding up to resume its inevitable trek higher, says Seymour Heer.
The monthly chart of Hornung is starting to look interesting. I’ll be posting an update of this in about 90 minutes.
Finally, my income in US doodahs is looking good for buying more gyros. Here’s a question. Can the price of gold rise in doodahs, while the doodah is rising against it’s major competitor for reserve currency status. Stay tuned!
And now (Paul Harvey voice) the rest of the story:
Primary Dealers No Longer in Remulak-CORRECTED
Our Chart Pick List Was Short Up the Wazoo, Woohoo! Now What?
Fed Will Administer Volckera to Cure Inflation Pandemic, and We’ll All Die
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
