Up, up, and away?
But before that I do want to say that I enjoyed meeting FXfox in his hometown of Heidelberg, Germany yesterday. We took a walk on the Philosopher’s Path above the Neckar River. How appropriate, huh? 😄 I got a little history of th…
I bagan forecasting this two months ago when I became aware of the enormous, record hedge fund short position in the 10 yea prior to the suspension of the debt ceiling in June. I warned that the markets would crack if yields started moving higher, as I…
Today, I have arrived in Rothenburg ob der Tauber, supposedly the most beautiful village in Germany.
We’ll see.
Meanwhile, the stock market has had another breakout. This time from a high base built over the past 5 days. It’s another bottom…
We merely need an hourly close below 4550 to create a lower high on the chart of the ES 24 S&P hour futures. On the other hand, a move above 4565 would have a conventional measured move implication of 4595.
Sigh.
Right now, we appear to …
Money rates are now slightly positive to consumer inflation. Historically they’ve reached punitive levels before the market turned. In other words, monetary policy is not…
OK, I keed. I keed.
We got the little 3 day cycle pullback into what should be the low of that cycle right now. But whether the 5 day cycle has also topped out isn’t yet clear. It depends on what happens between 7:20 and 9:30 AM ET.
The pul…
It’s like all this guessing about when the next recession will be. Why bother. It’s a joke. We don’t know when the next recession will be and neither do that. We don’t know when and where the top will be either. We can guess, but what’s the point. Trad…
But I’m not worried any more. If the ES 24 hour S&P futures has an hourly close below 4505 this morning, then we can talk. For now, this looks like just another consolidation pending another breakout. Because the Fed’s slush RRP fund is working.
…
Or Baby Head and Shoulders.
Methinks it’s a wee bit too obvious as it has played out over the past couple of days on the ES, 24 hour S&P futures. The neckline is downsloping. The ES would need to have an hourly close below 4495 to then have a…
The last day and a half was supposed to be a 5 day cycle down phase. Well, actually it has been, but instead of going down, first it went up, then it went sideways. The hourly cycle oscillators are in fact mostly heading lower, but at very high absolut…