DrStool Posted November 1, 2022 Report Share Posted November 1, 2022 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. 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. Swing Trade Screens – Adding a Few Buys While Meat Grinder Chews Up Shorts November 1, 2022 Bear Market Isn’t the Mirror of a Bull October 31, 2022 Why You Should Stay Skeptical of Bullish Technical Signs October 30, 2022 Swing Trade Screens – Operation Extrication October 24, 2022 Signs of an Intermediate Bottom in Gold October 22, 2022 Bears Beware, Treasury Buybacks Will Turn the Markets, Sooner Not Later October 21, 2022 We Can Now Project When Fed Will Pause, But Not Reverse October 13, 2022 Look Out For the Real Fallout of Declining Withholding Tax Collections – Part 2 October 6, 2022 Look Out For the Real Fallout of Declining Withholding Tax Collections October 5, 2022 Markets Face Catastrophe as Dealers Mitigate Too Little Too Late September 26, 2022 Fed Speeds Into Dead Man’s Curve, More Black Tuesdays Ahead September 15, 2022 There Will Be More Black Tuesdays September 14, 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...
SiP Posted November 1, 2022 Report Share Posted November 1, 2022 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 Link to comment Share on other sites More sharing options...
fxfox Posted November 1, 2022 Report Share Posted November 1, 2022 So bulls are 100% sure that Poopwell will be dovish… Link to comment Share on other sites More sharing options...
DrStool Posted November 1, 2022 Author Report Share Posted November 1, 2022 Did you originate "Poopwell?" I love it. 😄😄😄 Link to comment Share on other sites More sharing options...
SiP Posted November 1, 2022 Report Share Posted November 1, 2022 28 minutes ago, fxfox said: So bulls are 100% sure that Poopwell will be dovish… that + china rumors Link to comment Share on other sites More sharing options...
fxfox Posted November 1, 2022 Report Share Posted November 1, 2022 1 hour ago, DrStool said: Did you originate "Poopwell?" I love it. 😄😄😄 No. It was former stoolie „Colonel Poopwell“. Link to comment Share on other sites More sharing options...
fxfox Posted November 1, 2022 Report Share Posted November 1, 2022 1 hour ago, SiP said: that + china rumors They play that China zero Covid rumors card every 2 weeks. Link to comment Share on other sites More sharing options...
DrStool Posted November 1, 2022 Author Report Share Posted November 1, 2022 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. Link to comment Share on other sites More sharing options...
DrStool Posted November 1, 2022 Author Report Share Posted November 1, 2022 Speaking of Forex, have you ever played the Forex Skins Game? Link to comment Share on other sites More sharing options...
Jimi Posted November 1, 2022 Report Share Posted November 1, 2022 Great thread opener today, Doc. Link to comment Share on other sites More sharing options...
DrStool Posted November 1, 2022 Author Report Share Posted November 1, 2022 Jaysoos Cryptoos! I need to get out of the swing trade picking business. The only picking I've been good at lately is nose. Link to comment Share on other sites More sharing options...
SiP Posted November 1, 2022 Report Share Posted November 1, 2022 Wedge in sp500 Link to comment Share on other sites More sharing options...
Jorma Posted November 1, 2022 Report Share Posted November 1, 2022 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. Link to comment Share on other sites More sharing options...
sandy beach Posted November 1, 2022 Report Share Posted November 1, 2022 3 minutes ago, SiP said: Wedge in sp500 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 Link to comment Share on other sites More sharing options...
fxfox Posted November 1, 2022 Report Share Posted November 1, 2022 Amazon still has a P/E of 95… Link to comment Share on other sites More sharing options...
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