Jump to content

Short Up the Wazoo Paid Off For a Change

Rate this topic


Recommended Posts

Here on the eve of rectumification, I will start with this bit of well deserved self congratulations, which is as opposed to my usual self flagellation.

Our Chart Pick List Was Short Up the Wazoo, Woohoo! Now What?

At 6:30 AM in New York, early rising traders are already lost the plot on the short covering rally that arose out of Asia this morning.  They've broken sport at Friday's low of 4395. We are looking at a 5 day cycle projection of around 4325. But shorts like to cover when round numbers break, so I suspect that we'll see 4300. 

tvc_3c3ccc5a03641e934ae520cbc3ca0fa7.png

 

For the sake of posteriority, I present to you the 5 hour bars on the ES. As you can see, 4325 is a real sport level. And so is 4275. If you want the big picture, go here and try it out for 90 days risk free. There I give you the sport and resistance levels, trend indicators and price projections for cycles ranging from 4 weeks to 4 years or more. 

tvc_d82548a3d5d9dbe4802c1285fee5820c.png

 

Over on the planet Crapton, we see the Buttcoin boys squeezing them out with tremendous regularity and force. Cycle projections have plunged. Lest we forget that the conventional measured move price target of the top pattern breakdown is around 14,000. But if they break 28,900, that would complete an even bigger top, with a price target of negative 8,000. 

tvc_e4d214f74ed13e89699a40d3254e1b44.png 

Butt all kidding aside, don't worry! BTC has really strong support at 3200, 1200, and 200. 

tvc_9850bcf234c52414ef30db424a9aac7a.png

 

Meanwhile, over in Fixed Income and Carry Trade Worlds, Treasuries are rallying on a flight to safety, aka fist off, trade. Oh my gawd, is that going to end badly. Big update on Primary Dealer condition coming later today. 

tvc_0d7f12fbbbfd27ad1b81e983c3c06ba2.png

 

In Goldbuggery, we wait to find out whether we'll be safe or sorry. Update on that coming tomorrow. 

tvc_7a91de8129ae1d043c566b041c59b01b.png 

And as for the Your Row, Americans like me, living in Europe and earning their living in US Doodahs, might, MIGHT I SAY, have a decent hedge working against the horrendous inflation raising the cost of bread and circuses over here. And cake. Let's not forget cake. Which we can always eat. 

tvc_1472b44b6090e685ade0f679dc3b2446.png

 

And now (Paul Harvey voice) the rest of the story:

Pop Goes the Bubble

Gold Positioned To Pop

Fed Will Administer Volckera to Cure Inflation Pandemic, and We’ll All Die

If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.

Link to comment
Share on other sites

3 hours ago, DrStool said:

We are looking at a 5 day cycle projection of around 4325. But shorts like to cover when round numbers break, so I suspect that we'll see 4300. 

 

That.

  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Tell a friend

    Love Stool Pigeons Wire Message Board? Tell a friend!
  • Recently Browsing   0 members

    • No registered users viewing this page.
  • ×
    • Create New...