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He Who Sells What Isn' His'n, Must Buy It Back or Go To Prison 12/18/20

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Here's what's scary about the hourly chart of the ES- the S&P fucutures. The 5 day cycle has been in a down phase since the Wednesday-Thursday overnight session. The December 9 high is cleared, and short term resistance seems set at 3717. If they go through that, this thing could go explosively higher. 

If they don't, then I'd watch that rising trend support now at 3710 and 3705. Odds are that if those aren't broken, the upside breakout will come this afternoon. 

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People get all hung up on valuations and the Fed, and the outrageousness of a completely rigged market. But the fact is that if you simply do the most basic technical analysis, i.e. support and resistance levels, and trendlines, you make money. Rule Number Two is always true. The trend is your friend. Don't fight the tape. 

And Rule Number One goes without saying. Don't fight the Fed.  

From Monday-  Try Try Again, Extended Market Hits Long Term Resistance Trend

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ANTICIPATING THE INFLATIONARY GIFT

A lot of the stock market rise has been an anticipation of the "Inflationary Gift"

What is the "Inflationary Gift"

It's the transfer of the real value of a companies debt from lenders to shareholders via the inflationary mechanism

Remember inflation is a transfer mechanism from lenders to borrowers.

Its currently running at 2% per annum.

About to become much higher in 2021.

And the value of this gift is entirely determined by the FED.

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1 hour ago, Jimbo said:

KEEPING THE INTEREST RATE CURVE PINNED

The Fed has to print  an awful lot of dollars to keep interest rates pinned.

This means a falling dollar

Reality 101

Dzackly. 

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SPX takes a 30 point hit and TNX barely budges?

In other news half of all vaccine shipments to states are not going to be shipped.  Huh?  Don't ask me.

The acting Defense Secretary ordered a halt to all transition contact by the DOD with the Biden  transition. 

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