If memory serves, which mine rarely does, I think Nascrap intraday lows in those years were March 12 and March 9. Yesterday was the 13th. If--and that's a qualified if--yesterday's low ends up holding, pretty remarkable.
Kinda like October 10-ish, which has represented a number of important tops and bottoms over the years.
Not sure any comment or metaphor is necessary, but feel free if the moment strikes you. π
Porn Zoom bomb forces cancellation of Fedβs Waller event
https://edition.cnn.com/2023/03/02/business/zoom-bomb-christopher-waller-federal-reserve/index.html
It does seem stupid and meaningless and the breathless pronouncements around it are silly. As you say, they went from house prices to rents to controlled rents. I would love to see a CPI consisting solely of food, energy, transportation and taxes.
That said, I guess what it continues to mean for me is to stay away until the panic move in each direction happens tomorrow morning because I will get my fingers burned no matter what I do or do not do, probably in each direction. So in that regard, I guess it has meaning. π
What are the implications of this? Do "they" (gub'mint, anal cysts, and the usual coterie of assorted jackals) get to lie more, less, or the same with their "words"?
https://www.bls.gov/cpi/tables/relative-importance/weight-update-information-2023.htm
Hey TCG, thanks for the shout out. Nice to see you as well, been wondering about your health.
Back in Denver for a few days getting tax stuff ready and spending time with grandkids so not trading or posting much. Heading back to Mexico tomorrow, so will likely be posting my standard nonsensical brain droppings in a few days after I get settled in again. Just a few days here reminded me I'm too damn old and cranky to put up with Colorado winters any longer.
Hope you are on the mend soon!
Are all eyes and ears anxiously awaiting Lord Jaysus' obfuscating blah blah blah this afternoon so the anal cysts on Crapvision can misinterpret whatever he said and then waste loads of air time dissecting it?
They say there is room for a 5th head on Mt. Rushmore. Allow me Albert Lee, and I will add Hendrix to my 5th spot. π
And I say that at the risk of Jimmy Page putting a hex on me. Tony Colton once said that he angered Jimmy Page with a flippant remark in a radio interview once, and Jimmy called him and said that he had put a curse on Tony that was going to last x amount of years, maybe six or seven, I forget which. Page is famously rumored to dabble in the occult. Tony then claimed he developed a heroin addiction that lasted as long as the purported curse. Not sure how much I buy that one, but I think that interview with Tony may still out there on the internet somewhere.
If I were picking, I probably would not have put Teddy Roosevelt on Mt. Rushmore either, but I understand why he is there. π
I won't fight you on that one. Had Hendrix lived longer, he would probably be on my mountain. Gone way too soon. He certainly showed us some amazing things that no one had really done before.
And I reckon not many people would pick Albert Lee. I'm embarrassed to admit I didn't appreciate him that much until I got to know Tony Colton (member of Head Hands and Feet, wrote I'm No Angel among other songs) a little bit a number of years ago. Tony was the ex-husband of a friend of mine but sadly passed away a couple of years ago. Clapton and Eric Burdon were two of Tony's best friends growing up. Man, that guy had some amazing experiences and stories! Tony also lived in Greg Allman and Cher's guest house for a time back when they were married. Let's just say that everything you have heard about Gregg Allman's struggles is probably sanitized from how bad it really was.
For some reason the news of his death hit me really hard yesterday. A buddy of mine who lives in Las Vegas just saw him play with Johnny Depp a month ago and said he was still amazing.
For my money, Jeff Beck was the greatest guitarist of all time. Not just a rock guitarist, he was an innovator and could play any style. He's on my Mt. Rushmore of guitarists with Duane Allman, Stevie Ray Vaughan, and Albert Lee. I know it's probably blasphemy not to have Hendrix, Clapton, Page or some others on that list, but I guess there is only so much room on my mountainside.
File this in the painfully obvious department: with AAPL and TSLA up smartly today, feels like NQ would be up about a zillion if not for MSFT getting Old Yellered out behind the barn.
8M NQ chart. Octave drawn from this morning's high to low. Shorter time frame makes for a little sloppier chart, but essentially a 5/8 move up off the low and then a pause vs. the 2/8 move up from Wed low to Thursday high on the 60M chart.
The fartcall nature of markets never cease to fascinate, yet bedevil me at the same time.
11:00 a.m. bar closed right at the green 5/8 line (11903.75 actual close vs. 11904.44 green line) resulting in a nearly exact 2/8 bounce off the morning low. The suspense continues. Mr. Market needs to make up his mind soon.
Playing around with the 60M NQ this morning and musing aloud. Picture perfect 5/8 (blue horizontal line down to green) move down this morning of octave drawn from Wednesday's low to Thursday's high (blue line to blue line).
After a 5/8 move, I look for at least 1/8 or 2/8 counter trend move. So far, we have bounced 2/8+ back up (green line to green line), but let's see if the hourly candle closes above 2/8. After that, it's decision time--the market will either reverse down from that level to attempt to retest support, or continue up past the 2/8 move and keep seeking higher successive 1/8 levels to try eventually to head back up toward the 8/8 (blue) line.
Let's see what happens if we can get to the red line at 11985-ish, which would be a 3/8 retracement. If we don't pause and reverse at 11985-12,000, then it wouldn't shock me if we kept going up and closed at or near green today. But I'm waiting to see how this 60M bar closes. Doesn't look all that great right now.
Charts can be beautiful using the rear view mirror, but man, these swings can be violent.
βThus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down,β he added. βThe time for moderating the pace of rate increases may come as soon as the December meeting.β
https://www.cnbc.com/2022/11/30/fed-chair-jerome-powell-says-smaller-rate-hikes-could-come-in-december.html
