I am so proud of the fack that the term Black Friday was coined by my Phillufya Pleece in the 1940s as a term of endearment for the crowds of shoppers that descended upon Center City on the day after Tanks Giving. Not for all the good reasons that CNBC and other mouthpieces of the mob would have you bleeve.
I know this for a fack because I was a kid in the 1950s, and my dad had a retail business downtown, and he explained this to me when I asked why they called it Black Friday.
Dad was just matter of fact about it. Stories in the Philly papers somewhat confirm this without giving the obnoxious details.
Meanwhile, seasonally we usually have an upday today. Of course, seasonally, the Fed is normally pouring billions into the market for the occasion. Back in the old days it was usually with extended temporary repo operations. In the QE era, no need for that. Now, they’re draining. And the Treasury is pulling $86 billion out of the markets between today and next Thursday. That’s on top of the $53 billion it pulled out on Tuesday. If the market continues to rally today under these conditions, it will be like the miracle on Turdy-turd Street.
Reminder, the market closes at 1 PM today. That’s 7 PM CET for the two of you that are here with me in my time zone.
Meanwhile, the hourly chart of the ES, S&P 24 hour fugutures, hints that yes, Vaginia, the market will go higher. It made a higher high on the latest move, by one point, than the previous move. Such minor highs are normally a sign sent by market makers to other market makers, that they gonna take it, HIYA!
The 5 day cycle projection now says 4085. But that would mean a high base breakout, and that breakout would have a conventional measured move target of 4185.
Happy Black Friday.
Click the links below for moron the markets.
- Gold and Miners, Pullback Looks OK November 23, 2022
- Stock Market Is Grinding Through Resistance November 21, 2022
- Swing Trade Screen Picks – Cautiously Bearish November 21, 2022
- Fed Policy Will Stay Bearish Until It’s Too Late November 20, 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
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