The rally stalled last week. Not coincidentally, it did so when it hit an area of major resistance from a previous top. I have shown that area with a blue box on the hourly chart of the ES, 24 hour S&P futures.
2-3 and 5 day cycle lows are du…
Happy Turkey Day to all my fellow Merkans.
Tomorrow is just another day in la France but I will enjoy it vicariously with you as you celebrate with your families.
Normally Wall Street pre-celebrates, and it’s beginning to look that way on t…
Clearing resistance is hard. The rally has crossed a range, parts of which the market has repeatedly traded through over the past 7 months. That tends to clear the range of both bids and offers, leaving a thin market that can be traversed easily.
…
The market sphincter just keeps getting tighter and tighter. The question isn’t just when the market will squeeze through, but exactly what will squirt out, and where. We await with bated breadth.
That’s certainly possible. But I suspect that the central banks would go all out to preserve enough inflation to inflate the debt away in the context of our remaining lifetimes. How successful they would be is another question. I don’t speculate about …
Liquidity is bullish. Lack of liquidity is bearish. In the last 100 years, deflation has only occurred when debt collapsed, i.e. extreme lack of liquidity.
“Valuation” is a sentiment indicator. Sentiment gets more and more bullish when liquidity …
Whenever there’s a big rally, it always feels that way, but let’s step back a minute and recall what happens when a market crosses an oft crossed trading range.
Nothing.
After ground has been trodden time and again, it becomes a well worn pa…
The pattern of the hourly ES 24 hour S&P futures so far this week looks just like last Wednesday and Thursday. Which is meaningless. The trend is mildly up. Hourly oscillators are on the sell side, but well above the zero line and creeping higher. …
I was a big fan of his during my days on the Street. Farrell never imagined that the Fed would engage in long term rigging of the stock market to only go up.
There are long periods when the general consensus is right.
Bear markets no longer h…
Originally posted at the Stool Pigeons Wire. The US Treasury’s 30 year bond auction didn’t go so well yesterday, unsurprisingly. It immediately reminded me of…