Tax collections have leveled off at a negative year to year rate. The Fed has gone to Congress begging for fiscal support for the US…
It sure feels as though the S&P is headed for the 3500 level again over the next few days. But the hourly chart of the ES fucutures shows that there are obstacles in the way.
After a news noise event like yesterday’s I wouldn’t read much into the chart until the reverberations settle down. Here’s the hourly. It shows that at 5:20 AM in NY, the rebound reached resistance at 3378.
Primary dealers have maintained huge and heavily leveraged long bond positions. They are only lightly hedged. Just today, the bond market is threatening to reverse the long term downtrend in yields/uptrend in prices. It’s bad news for the bond market, and for the system as a whole. And that includes stocks.
Here’s where to look for gold’s constructive consolidation to turn up. Meanwhile, I’ve added another pick to our list of miners.
Get a load of this. Does it look bullish to you?
The stock futures markets have taken the weekend at Bernie’s in stride. Here’s how today shapes up.
Mixed cyclicality has led to a rangebound market. There’s no sign that that will change this week. But look out if it does!
Was there some news?
The outlook for the most of the rest of October is bullish. But it’s not an endless bull any more.