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Happy Day of the Dead - 11/1/22

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Yes, Happy Day of the Dead. It's a national holiday here in France today, but in other parts of the world, it's celebrated over two days. The big day is tomorrow in Poland

And on Wall Street.  

In the US, it is celebrated with the two day FOMC holiday. Investor families get together on the second day of the two day festivus to wait for the Fedican to send a signal at 2 PM ET, and then for Load Jaysus to rise up on the balcony at 2:30. There he makes incomprehensible incantations to shouts of HalleleuJay from the adoring gaggle below, or in his Zoom Room during the days of Pandemic Awe. 

And they're all not fearing anything as they have been to the mountaintop of the golden bull and have seen the promised land of Crypton. Amen, HalleleuJay, their eyes have seen the glory of the coming of the Load, Jaysus. May the Load bless you and keep you. May the Load cause the light of his Countingness to shine upon you and be generous unto you. May the Load smiteth the bears, so that the bulls may again roam free across the Street, free of special interest, unconstrained by tight money. 

That is their prayer on this most special Day of the Dead. 

Amen. HalleleuJay

And now, parishioners, please rise for the invocation. 

zdvga

 I'll tell you what. If this thing gets through 3915, and then 3929 as a last gasp line in the sand, we bears, will be in trouble. We have a conventional measured move target of around 4100 out of this month long base pattern that generated the current breakout. I don't think we'll get there today, but I wouldn't rule it out over the next few days. The 5 hour bar chart sure looks pointed at that spot. 

Certainly, there's a ton of resistance indicated between 3929 and 3995, and the 5 day cycle projection points to only 3975-80. I'd put my money on there as a stopping point for the leading up to the Day of the Dead celebration. 

Big picture stuff below. 

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1.

Rumors from China that they will move away from zero-covid

2.

best read on twitter/elon saga https://www.theverge.com/2022/10/28/23428132/elon-musk-twitter-acquisition-problems-speech-moderation

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Fugutures have edged above yesterday's high. They may pull back here, but eking out a new high usually means they got one more up their sleeve. 

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Jaysoos Cryptoos! I need to get out of the swing trade picking business. The only picking I've been good at lately is nose. 

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12 minutes ago, DrStool said:

Jaysoos Cryptoos! I need to get out of the swing trade picking business. The only picking I've been good at lately is nose. 

I suggest you invest $2 in Powerball. Let me know if you want me to broker your investment. 

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3 minutes ago, SiP said:

Wedge in sp500

20221101_155626.jpg

A bearish wedge at that.

 

Meanwhile the @ The US Treasury: "During the October – December 2022 quarter, Treasury expects to borrow $550 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $700 billion.[3]  The borrowing estimate is $150 billion higher than announced in August 2022, primarily due to changes to projections of fiscal activity, greater than projected discount on marketable securities, and lower non-marketable financing."

"Additional financing details relating to Treasury’s Quarterly Refunding will be released at 8:30 a.m. on Wednesday, November 2, 2022."

Is that when they'll announce plans to buy back long dated illiquid bonds in a reverse auction? Stay tuned. Tomorrow will be a double whammy - Fed FOMC horse and pony shown and a TBAC statement. 

https://home.treasury.gov/news/press-releases/jy1063

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