Jump to content

What We Think About Gold 7/13/22

Rate this topic


Recommended Posts

  • Replies 29
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Meanwhile, stocks are set up in a maximum indecision pattern, smack in the middle of their range of the past 3 weeks. They're waiting for the bad news on CPI, which everyone knows will be bad. So it should all be "priced in," right? 

Wall Street loves that term. It needs jargon like that to create stories to sell its wares. But like most of what Wall Street says, it's absolute bullshit. The market doesn't "price in." The market as a whole is a measure of systemic liquidity as reflected in the price trend. Nothing more, nothing less. If you want to believe the nonsense about the market being a discounting mechanism, be my guest. But it sure won't help you trade. Focusing on the price patterns on the charts will. 

So for today, we wait and see what the newsnoise reaction will be. Then, one way or another, the market will get back to tracking the trend of liquidity. 

Here's the hourly look on the 24 hour ES S&P fuguetures. Perfect equilibrium. Everything is priced in right? Well, if the initial knee jerk is up, they need to end an hour, any hour, above 3840 to have any chance to extend the rally back to the trend resistance area around 3870. Otherwise we're going lower today. 

How much lower? I'd look for those sport lines around 3790 for starters.  

tvc_a8de3086559524bacd6dd94414e4b009.png

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

To better understand the big picture right now so that you can take the correct action when the time is right, check out the following:

If you're serious about the underlying forces of supply and demand that drive the markets, join me

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

The 13 week bill rate has risen 70 bp starting since one week after the Fed raised the FF target in mid June. 

yirjr

Link to comment
Share on other sites

On Q opening bell buying.......

I guess it all goes Green.......Nothing To SEE Here......again

The FED still has them's back

>: TNX above 3, will that even stick

regardless of the phony CPI "print" of only 9

>:: SPX @3780, which "20" hits next?

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 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...