So we had a nice selloff yesterday. 2% woop de doo.
The pundits got busy early, when Your Rope failed to mount its usual recovery from Asian selling. It’s the Delta Variant, they said. I wonder what they’ll say about today’s rally.
Oh, the De…
Because he’s a knockoff.
Meanwhile, it’s the middle of the night in New Jerk, Asia is in later afternoon trading, and Your Rope has yet to open. As usual, Asia has copied the US market and continued the selloff. They’ve almost reached an appa…
Away? No, but they do slow down in their old age.
And god this is getting old.
They found the trendline from the June 20 low yesterday. Broke it slightly. Also slightly broke the 5 day cycle projection. I said then that I expected a rapid …
Just a reminder that yesterday the Fed pumped $83 billion into the trading accounts of Primary Dealers. Another $40 billion is coming next week on Monday and Wednesday. Moron that here.
Apparently they committed most of that cash to buying more Tr…
The ES fucutures dipped to spport lines in the overnight session in Asia, then the Europeans got to it, and lo and behold, they’ve rallied for the past 5 hours. Resistance is indicated 4366-69. If they clear that, then 4377-78. 5 day cycle indicators …
I’m in the amazing city of Krakow, which most Americans have never heard of. It is one of the most beautiful, history laden cities I have visited in Europe. And yet, in many ways it feels very familiar. I have posted lots of photos at https://www.insta…
Not only does it describe the market, but I’m on a train from Bratislava to Krakow, with intermittent connectivity. I will be with you in spirit. 😂
It has been all downhill since I noticed the double top yesterday. Dramatic turn of events. But the ES S&P futilitures had reached their upper measured move target from the reverse head and shoulders breakout, of 4350. At that point, the trading algos all decide that they’d go no further, triggering their Sell Mortimer algos.
Now we’re at the point at 4 AM in NY that the price could drop back below the upper line of the big megaphone pattern.
I don’t know what yesterday was all about. Here at 6 AM ET, the fucutures are back to where they left off on Friday.
I guess they have down days for dramatic effect.
Did I say dramatic. They have, in essence, set up a trading range of 4310…
Welcome back! I hope you had a great holiday. I had a traditional one, walking around Ljubljana, Slovenia, taking photos. Then yesterday, I got on a bus to Bratislava, and boy is it hot here. Today they’re predicting a high of 93, tomorrow, 94, and Thu…