DrStool Posted September 21, 2022 Report Share Posted September 21, 2022 The market has settled into a trading range, as usual, as it waits for the FOMC circus to come to down on its regularly scheduled visit every six weeks. This show is just a few days before the annual Sell Rosh Hashanah, Buy Yom Kippur period. But that does not tell us what to do in the couple of days before that rule comes into effect. That will depend on whether there's the traditional Fed resubstantiation rally in the wake of the circus elephant's droppings. The beauty of the current chart pattern on the ES, 24 hour S&P futures is that it is perfectly positioned for... well... anything. The 3 day cycle is due for an upturn. The 5 day cycle is due for a downturn. The price as of 6:30 AM in New York is right in the middle of the 3 day range, and cycle oscillators are in neutral territory. The market hasn't tipped its hand, because in the short run nobody knows WTF to do. So we wait. As far as the Department of BTC Leads, Sometimes, no help here either. Meanwhile, check out the trend of the 10 year yield ever since Bloomberg posted BAC's call for 2% at the exact moment of the exact low on August 2. I mean, a fiction writer could not write this shit. That's how diabolical the Street is. Remember that BAC- Mohel Lynch is one of the biggest Fed/Treasury Primary Dealers. Oy, do they got tips for you! Last but not least, today the Fed will pretend that it controls interest rates as it merely attempt to catch up with a market that has already moved 100 bp since the last FOMC circus, with ringmaster Cool Jay Powell. Meanwhile, the big picture: Swing Trade Screens – Restrained Bearish Instincts September 20, 2022 What a Whipsaw! Here’s How Big The Move Will Be September 19, 2022 In the Goldrums September 16, 2022 Fed Speeds Into Dead Man’s Curve, More Black Tuesdays Ahead September 15, 2022 There Will Be More Black Tuesdays September 14, 2022 Swing Trade Screens – Trailing Stops Did Their Job To Preserve Profits September 12, 2022 Withholding Tax Collections Collapsed in August But BLS Data Won’t Show It September 2, 2022 Warnings of August Liquidity Crash Come to Fruition – Here’s What to Do August 28, 2022 Has Rule Number One Been Repealed? August 18, 2022 “As Good as It Gets” Was Good While It Lasted August 6, 2022 Treasury Confirms Supply Tsunami We Expected – Will Obliterate Everything August 3, 2022 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 More sharing options...
Mkucstars Posted September 21, 2022 Report Share Posted September 21, 2022 The banksters will own it all soon enough. Got pitchforks? Link to comment Share on other sites More sharing options...
sandy beach Posted September 21, 2022 Report Share Posted September 21, 2022 Interesting thread on Twitter by Jason Furman on PCE Link to comment Share on other sites More sharing options...
Jorma Posted September 21, 2022 Report Share Posted September 21, 2022 Isn't it getting a little late in the month to not have an announcement for the end of quarter coupon auction amounts? Link to comment Share on other sites More sharing options...
Jimi Posted September 21, 2022 Report Share Posted September 21, 2022 Pretty sure the Euro is carving out a fresh low today. Link to comment Share on other sites More sharing options...
Jimi Posted September 21, 2022 Report Share Posted September 21, 2022 Candle plummets early seconds ahead of release? Link to comment Share on other sites More sharing options...
Jimi Posted September 21, 2022 Report Share Posted September 21, 2022 "Very hawkish 75 basis point hike." -- Woman on Bloomberg TV Link to comment Share on other sites More sharing options...
MisFit Kid Posted September 21, 2022 Report Share Posted September 21, 2022 and here comes the tap on the shoulder....... or the resubstantiation....... but above all else, a lot more "clarifications on any and all statements" >: and spx now green....all good for now..... >:: now it is all green for the day with the usual BTFD moment Link to comment Share on other sites More sharing options...
MisFit Kid Posted September 21, 2022 Report Share Posted September 21, 2022 So initial move is wrong again changed sharply those 3 minute rip jobs.........oy vey Link to comment Share on other sites More sharing options...
MisFit Kid Posted September 21, 2022 Report Share Posted September 21, 2022 does not look Hawkish, now does it...... >: what else they say after the fact? Link to comment Share on other sites More sharing options...
DrStool Posted September 21, 2022 Author Report Share Posted September 21, 2022 2 hours ago, Jorma said: Isn't it getting a little late in the month to not have an announcement for the end of quarter coupon auction amounts? They never vary much from the TBAC schedule. I just came from a conference for Americans here. I open my screen and holy shit what the hell is going on? Link to comment Share on other sites More sharing options...
Jorma Posted September 21, 2022 Report Share Posted September 21, 2022 My seat of the pants forensics say what is going on is clearing out the shorts before the next cliff. Link to comment Share on other sites More sharing options...
DrStool Posted September 21, 2022 Author Report Share Posted September 21, 2022 That is some candle. Link to comment Share on other sites More sharing options...
Jimi Posted September 21, 2022 Report Share Posted September 21, 2022 I got nothin'. Link to comment Share on other sites More sharing options...
DrStool Posted September 21, 2022 Author Report Share Posted September 21, 2022 Link to comment Share on other sites More sharing options...
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