It was 60 years ago, during the Cuban Missile Crisis when I felt my first loss of innocence, and became acutely aware that the world was not a safe place, that terrible things could happen, from which mom and dad could not protect me.
The second time was 59 years ago.
I was in junior high and the principal came on the PA system, told us that the President had been shot and that we were being sent home early. I ran home and turned on CBS News and watched as Dan Rather reported from Dallas and Walter Cronkite reported from his desk in New York. I vividly remember Cronkite removing his glasses with a tear in his eye, announcing that the President was dead.
And that’s the way it was. 59 years ago today, November 22, 1963.
But none such sadness today. Today we celibate the return of yet another bullish consolidation pattern. OK, so maybe it’s not bullish. Maybe it’s just flat and dreadfully boring. First things first, they gotta clear 3968, and then 3987. If that happens, then we could be looking at a rip snorter with a target of 4067 for the turkey.
On the other hand, if the bears show some stamina and fortitude, and take out 3940, then I’d look for 3900 later today. Here as of 7:38 AM ET, this chart isn’t tipping anyway. They don’t know, and neither do we.
Chow for now.
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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.
In case you are wondering, BTC has a short term cycle projection of 15,000, but I see no reason why it wouldn’t get to the 9 month cycle projection of 13,500 over the next week or so.
Of course, the long term target remains 5000 below zero.
Click the links below for moron the markets.
- Stock Market Is Grinding Through Resistance November 21, 2022
- Fed Policy Will Stay Bearish Until It’s Too Late November 20, 2022
- Golden Surprise November 15, 2022
- The Repeal of Rule Number One, Don’t Fight the Fed November 14, 2022
- Bond Market Rally is Technically Valid but Belies the Facts November 12, 2022
- Bad News for the Markets – Not Just Withholding Boomed in October November 3, 2022
- Surge in Withholding Tax Collections in October Indicates Faster Jobs Growth November 2, 2022
- Bear Market Isn’t the Mirror of a Bull October 31, 2022
