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Happy Closing Day 7/12/22

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Well, today is the first day of the rest of my life. Come to think of it, it's the first day of the rest of your life too. What a coincidence! So, what are you going to do with it? Something good, I hope. 

For me it's a milestone. Today I closed on my apartment in Nice. In France they call it the final compromis, I think. Something like that. Anyway, it means that I own my apartment. Uh oh! What do I do now?

Renovations. 

Always something to look forward to. 

Meanwhile, the US stock market is in desperate need of renovation. In fact, it's falling down, and is likely beyond the state of needing renovation. It needs to be demolished and rebuilt from scratch. It did some demo overnight. We left with a 5 day cycle projection of 3830 on the hourly ES, 24 hour S&P fuguetures. They did that overnight. Now the 5 day cycle projection is 3815. Got to 3818 so far. Close enough for gummit work.

But wait, maybe there's more! 3825 might be a sport level. But if not, then we're looking at 3805.  

tvc_88add04fd607c99d2a2f20122161763e.png

For the longer view that concerns most of us, see Advantage Bulls, But It’s Over If This One Thing Happens This Week

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The Euro has landed. 

Well, everybody said that the euro was headed to parity with the dollar. This morning, the goal was reached. Never let it be said that the majority is always wrong. The majority is usually right for longer than most contrarians like. Why do you think there are so few investment contrarians, and why are they so rarely successful? Because it pays to run with the herd until it doesn't. In other words, Rule Number Two: The trend is your friend. Until it isn't. As a liquidity and technical anal cyst, my job is to observe and notice when the trend is changing. 

In that regard, parity on the EUR/USD isn't the end of the game. The trend remains your friend, except in the very very short term. 

In the past hour the EUR/USD hit a low of 1.000. That's also the area of a couple of sport trendlnes on the daily chart. And daily cycle oscillators are at the level where they've bottomed 5 times in the past year.

No doubt the trading algos will kick in here. Let the short covering begin. This could be gradual at first. It would not surprise to see the EUR sink to .996 before viciously reversing. The rally should be sharp, but limited. There's no resistance until 1.035 now. But that will sink to 1.03 next week. 

One caveat. If .996 gives way, the next targets would be .99 and .975.

Ouch. 

yieh8

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The curve is leaving the Fed in the dust. Not only is it behind on inflation, it's behind on hiking Fed Funds to keep pace with rubber stamping the market. To anyone paying attention, the Fed looks like a bunch of clowns, trying to keep pace with the candy assembly line. 

 

image.png

Trying to keep up with the candy line as it speeds up-

yifdr

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8 hours ago, DrStool said:

Meanwhile, the US stock market is in desperate need of renovation. In fact, it's falling down, and is likely beyond the state of needing renovation.

tvc_88add04fd607c99d2a2f20122161763e.png

 

Yeah, but what a great view.......and Location?

 

sh.JPG

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Once this all is set and done, Bitcoin will be in ashes. CB‘s have to do it to save the money printing monopoly of the state. Bitcoin guys will get prosecuted and sent to prison. Media will call them crypto-nazis and they will reply like Buckley to Vidal:

That pseudo ultra-Oxford-style british upper class accent of Buckley cracks me up every time. 😂🏻

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5 minutes ago, fxfox said:

That pseudo ultra-Oxford-style british upper class accent of Buckley cracks me up every time. 😂🏻

I get satisfaction of three kinds.

One is creating something, one is being paid for it

and one is the feeling that I haven't just been sitting on my ass all afternoon.

 

Quote William F. Buckley, Jr.

 

>: he has a bunch of "intellect quotes"
 

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