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Today is Bastille Day 7/14/22

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That's right. It's the national holiday of France. Here they call it the Fourteenth of July. Pretty clever, huh? Reminds me of another country I know well. Know it better than this one even. 

The French celebrate by eating cake, of course. 

That'll show 'em!

Man! Did I see some fireworks last night. 

MvQx9wdJK5C-Xo2RPaUjYTPUs40xzGwTQbBEN4yf

 

But the best fireworks was the rising supermoon. Oh la la. 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by Lee Adler (@200daysineurope)

 

Could be in for some fireworks in the market today, and it might just get mooned too. The ES S&P fuguetures (that word definitely helps for search engine optimization --- ok, not) are just above a critical sport level on the hourly chart. If this sport zone 3745-3736 breaks, the conventional measured move target would be around 3560.

Oh boy, that would call for a whoopee. Cushion. Whoppee cushion, that is. Might be the real thing on Wall Street though. Brown pants syndrome day. 

As far as cycle projections go, I got nuttin below where they've already been in the premie market. So place your bets and let the games begin. 

By the way, 3765 is now the piece de resistance. 

Happy Fourteenth of July. 

yj0xi

 

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The Fed has lost any semblance of the appearance that it controls interest rates. This is abject failure. It's not only severely behind the inflation curve, it can't even keep up with market interest rates. 

The Fed is a joke, incompetent, delusional, and dangerous, piling one bad policy on top of another in its kowtowing to its banker clients. 

yj4qk

 

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15 minutes ago, Jorma said:

Here is the chart that has had me nervous for a month. MACD is not the last word on anything but a weekly crossover from the highest level in 18 years gives one pause. 

tnx.png

Well, my first observation would be that MACD is not a percentage basis. It's a point basis. There's no upper constraint. At 6%, the peak level would be twice as high as currently. At 9% it would be 3 times the current level. I'd look for a negative divergence as the first sign of a probable intermediate downtrend in yield. 

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