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Return of the Grand Wizard 10/6/20

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Get a load of this. Does it look bullish to you?

Hourly bar chart. 

tvc_c060ec5c83217cf9b9153f4c6e820b33.png

Well, I suppose it could be. The 5 day cycle projection could be 3410, or it could be 3430. Neither was reached. But the hourly momentum and cycle indicators have edged to the sell side. 

On the 30 minute bars you can see that the ES has dropped to the uptrend channel line at 3380 just after 4 AM in NY. That line rises to 3390 at the NY open. 

tvc_51746d23f5dce74fb0fdb5389dd4ce85.png

Break that line and they head for multiple possible support levels that could generate a bounce or act like butter against a hot knife 3378, 3373, 3365, and 3350. One of those will generate a bounce. Take your pick. 

I'm showing the indicators and parameters on this chart. It's a little cluttered, but if you want to set up a tracking chart using those parameters, feel free. I assume that everyone here has their own favorite charting platform. These are common indicators that can be set up in any of them, including most broker chart platforms that I've seen. 

Here's the 2 hour bar perspective. The negative divergences over the past week, with new downturns here now, are "interesting." But of course, they prove nothing. 

tvc_95dc886e60096ebeb0fc78052ebb38ce.png

I come in this morning a tad short. I'll let you know whether I decide to go heavy long, heavy short, or heavy flat ASIK.  

Yesterday I furiously shorted the market at the open. By 10:30 I had a nice profit. I spent the rest of the day working diligently to dissipate that, setting out on one fishing expedition after another. I lost a few shekels every time.  

By 3 PM, I was successful in turning my profit into a loss for the day. But I continued to overtrade for the last hour, trading up to 7 stocks at a time. By the close I was successful in closing out all my losers, leaving just one short that had broken down. Woo hoo. I ended the day with a profit. 

$15. 

Not 15 points. 

$15. 

😂😂😂

I should stick to analysis and writing. Those who can do, and those who can't teach.  😉

 

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Get a load of this. Does it look bullish to you? Hourly bar chart.  Well, I suppose it could be. The 5 day cycle projection could be 3410, or it could be 3430. Neither was reached. But

They're hanging on to that lower trendline. Mildly bullish now, but with the potential for a lower high/right shoulder nearing the NY open. My guess is that I will want to be heavily short soon after

Trump says No to stimulus, unless it's steroids. 

They're hanging on to that lower trendline. Mildly bullish now, but with the potential for a lower high/right shoulder nearing the NY open. My guess is that I will want to be heavily short soon after the bell, but we'll see how the next couple hours play out. Because I'm trading stocks, I'm not playing the pre-market. Too thin. 

One thing about the pandemic. I have too much time on my hands as I semi isolate. 

Idle hands are the devil's workshop. 

😄 

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32 minutes ago, Jorma said:

I'd think they might want to nip this  up move in Treasury coupon rates in the bud.

Oh, yeah! Right on the 200

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Here’s where to look for gold’s constructive consolidation to turn up. Meanwhile, I’ve added another pick to our list of miners.

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Primary dealers have maintained huge and heavily leveraged long bond positions. They are only lightly hedged. Just today, the bond market is threatening to reverse the long term downtrend in yields/uptrend in prices. It’s bad news for the bond market, and for the system as a whole. And that includes stocks.

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KNOW WHAT’S HAPPENING NOW, before the Street does, read Lee Adler’s Liquidity Trader risk free for 90 days!

Act on real-time reality!

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resistance level 3423. Trend resistance 3427. 

If they don't hold, 5 day cycle projection of 3460 is doable. 

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