Good Morning from beautiful, balmy, Oslo Norway! I’m heading out to do more sightseeing after a fabulous weekend, but I will return later to see how the market is doing by the time it gets dark here at 11 PM. Weird. But first a quick chart review for t…
Since the beginning of June, withholding tax collections have rebounded a bit, and stabilized at a level that is certainly better than the negative readings of the past 3 months. However, the nominal year to year gain of x% as of July 3 is still below …
OK. That’s extreme. But it’s a down morning. That’s something. On the other hand, the 5 day cycle projection of 4433 on the ES 24 hour S&P futures has been exceeded and a sport level at 4425 is still holding this morning. If that’s broken, then we …
Which, in addition to being the direction of the stock market is about where I am in charming Stavanger, Norway. Stavanger is a lovely little coastal city of about 150,000 souls in a metropolitan area of about 320,000, nestled among the fjords and moun…
I am aboard the MS Cracovia leaving port from Swinoujscie Poland, headed across the Baltic Sea to Ystad Sweden. If you’ve ever been on a cruise ship on the high seas then you know that the satellite internet sucks.
But here’s a chart from my phone…
Yep, it does appear that that reverse head and shoulders pattern on the ES, 24 hour S&P futures hourly chart has been completed… by a hair. I’m not exactly confident that this will be sustained, like any of the moves over the past two days. But i…
The proof will be in the putting. If they clear 4380 on the hourly ES S&P futures chart, then I’d say good to go.
But they seem to have shifted from a dominant 5 day cycle to 3 day dominant. If that holds, then this cycle has peaked and today…
Regardless of where it is.
I want to rehash a few points here that I made at the end of yesterday’s thread. This was in response to listening to about 10 minutes of an interview with Michael Howell. From those minutes, he at least has a grip on what liquidity is and how it works.
What do interest rates have to do with the stock market? Absolutely nothing!
‘-J. Granville
The crushing weight of record Treasury supply is finally taking its toll on the markets as we enter the last week of June. Net new issuance for the month…
The 5 day cycle may have peaked last night, soon after bottoming. This could signal a shift to short up phases and extended down phases. At the moment it’s too early to be sure. A break of yesterday’s low would confirm. If there’s no break, the next mo…