I'm down to 3 longs, no shorts at the bell. Weird to go into the weekend long. I will probably regret it Monday morning.
I was trading all day today, which I rarely do, but wanted to test out some ideas for Technical Trader. Mea culpa for not posting the QE update. I'll post it tomorrow morning by the time those of you in Amerika get to your screen.
And so for the high holy moly day, May the Load, Jaysus Powell bless you and keep you wholely solvent.
And always remember, Sell Rosh, Buy Yom!
If you are Jewish, Gut Yontif and have an easy fast!
Psychologically, it's difficult to short stuff that's getting pounded, especially after you've covered some of it. That's why and how crashes happen. The shorts cover. They don't reshort, and there are no buyers left at previous support.
Commenting on the tools still available to the Fed, Powell revealed that the central bank has "basically done all of the things it could think of."
Powell said this earlier today. Markets interpretation could be: The FED is done and won‘t be of much help going further.
OTOH: Just yesterday he said the exact opposite. Weird.
Tokyo hits the 48% seroprevalence mark with a low fatality rate. A drop in new cases seems to indicate they have reached herd immunity:
Also, denial that money printing is bullish, and devotion to the ideal that markets should be free and fair is bound to get you in trouble. Good traders don't give a shit about that stuff. They just focus on price patterns.
If we could just get 10 million or so Californians to move to Montana, Idaho, Wyoming, Utah, Arizona, New Mexico etc, the country could be saved.
Seriously though, I hope that all my friends in Cali stay safe and well. With any luck, climate change would bring more rain to Cali. 🙃
Our big trip this summer was to a VRBO in Yosemite the week before Labor Day. It was smoky there - Half Dome was sort of like gazing upon the San Gabriel Mountains from, say, Pasadena, ca. 1978 through LA smog. Purpleair indicated it was "only" around 120 while we were there, so we did some modest hikes, but we did keep windows open during the night in case the smell of overwhelming smoke was the signal to GTFO. We also took our sons horseback riding near Fish Ranch, about 50 miles south of the park... which is near where they were later evacuating the campers from the lake into which they ret
You were smart to buy the air filter. I thought no way this would last this long so we didn't get one. Instead I bought two generators this spring thinking I'd be all set for the PG&E outages this summer. Turns out I picked the wrong prophylactic! So at this point I'm hoping the smoke cures COVID-19 so there will be an upside
It’s insane, right? I tried explaining to friends what Wednesday was like - there just weren’t words to capture it. We have an air filter we run and we also have an Ambient Weather system with air particle add-on that we us to measure air quality indoors. That’s allowed us to keep particle count indoors under 100.
I mean, all we need is a cranky Hayward Fault, I guess.
How you holding up?
What do you mean I don't believe them? I've done cycle work for 50 years. And I never said I don't believe Ewave. I don't practice it, but I've seen people who were very good with it.
You're such an asshole. I'll allow for your Asperger's up to a point. But you're still an asshole.
This is Doc's site and I'm not here to defend or promote Marty Armstrong--Doc is the man and I love this place--but unless I'm missing something, it seems to me that Marty's macro turn date of Sept 3 pretty much lines up with your stated "September High" timeline, no?
Doc, my apologies for hijacking the thread. Not trying to be provocative, but probably coming across as such. Crappy week is getting to me I guess. Will put myself in timeout for awhile. 🙂
While I think that yesterday was a warning shot across the bow, I'm voting twice in favor of it being yet another BTFD moment. I'll take a deeper look at the big picture in this weekend's Technical Trader, which you can try risk free for 90 days if you are not now nor have ever been a member of our party.
Meanwhile, here's the hourly chart view. First of note is that as usual they bought the double bottom last night and rallied 42 points from there, but only to uptrend line resistance. Those lines are around 3475 at 5 AM ET. If they manage to clear those, the next target would be the new
August, September... What's the difference. At least we got the 5 day cycle projection and then some. Now waiting for the next.
Meanwhile, this pullback has broken the two day blowoff uptrend.
If the point is that all this money printing isn't inflationary, well fine. That's bullshit. There's plenty of inflation. They're not looking in the right places. They should try looking at the value of their houses to start with.
No inflation, my ass.
And let's just completely ignore the inflation of stock prices, and the previous massive inflation of commercial real estate, which has now crashed, only nobody knows it yet.
I mean really. Why do we let people run around in crowds with AK47s? If burning down stores and throwing bottles of shit isn't ok, and it isn't, then allowing people to walk around with AK47s, or any kind of firearms at a mass protest, is not ok either. But to the pigs who are the cause of all this shit, the more the merrier. fornicate them.
As much of a preternatural bear as I am, I find most permabears clueless about how the market works, and tiresome.
Guys like whathisname that runs the mutual fund who is always wrong. I mean always. The guy has been bearish since the 2009 low. But man does he have great data on how overvalued the market is.
People fail to understand that value is fictional. It's a mirage. Things are worth what you can sell them for.
WTF is the value of TSLA? I mean really. Who cares. Look how much fucking money the morons who trade it made.
And then there's that bloviating chemistry p
Yes, you are incorrect. It is not true that Democratic leaders are not allowing the cops to do their jobs. The cops have the authority to do what is correct, but their misbehavior has exacerbated the problem. This is playing into Trump's hands.
This is no accident.
I believe that the brutality of the police is intentional for this reason. They are getting the chaos that they want because they believe that the Trump regime will allow them to act even more brutally and more repressively.
No one is tying the hands of the police. They are acting aggressively and violently on p