The ES 24 hour S&P futures came down to test the April 26 low yesterday. The test was successful, but for a couple of glitches. First, it made a slightly lower low. Second, there were no positive divergences on the hourly oscillators. Typically tha…
Withholding tax collections through May 2 have been much weaker than the year ago period, and weaker versus last month. This does not bode well…
Today’s intraday look is below. But first, in case you missed it, this is important:
Despite new turbulences in the banking sector, the Fed decided to stay the course and keep raising interest rates in its battle against inflation. Following a two-day meeting of the Federal Open Market Committee (FOMC), Fed chairman Jerome Powell annou…
The tectonic plates of the financial sphere are heaving. The fault lines are growing. Fissures are widening. Cracks are spreading. The pressure is growing in…
For now all we can do is follow the charts. And pray for guidance. And not the kind of guidance that comes from the Fed. Because it is flying blind. And lying about it. If there’s one thing that Jerome Powell learned from the master, Bernanke, it’s…
Market Bullback Was a Masterful Shakeout and Setup! What’s a bullback? It’s a pullback where the bull herd just backs up and then charges. A…
Today is Labor Day in France, a public holiday throughout Europe. In the UK, it is a floating holiday known as “Early May Bank Holiday.” Charming. In Germany, it’s also Labor Day. In Italy it is “La Festa dei Lavatori,” of the Festival of the Public Re…
OpenAI, the creators of ChatGPT, have authored a research paper that tries to predict the impact of AI on the job market.
For years, we’ve been told the banking system is sound and highly-capitalized – that lessons were learned from the 2008 crisis. Importantly, the Fed would lean on “macro-prudential” measures (i.e., regulation) to safeguard financial stability. Our system last month suffered two of the three largest bank failures in U.S. history.