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Absolute Market Clarity 01/26/23


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We've had some confusion and angst lately about the direction of stock prices. Well let me say this about that. Let me be absolutely clear. The 1 day bars of the ES 24 hour S&P fucutures show us clearly over time exactly where the market has been. Of that, you should have no doubt. We are where we are because we came from where we came. And it is from here... and only from here... that we take the next step. There is no room for confusion. No room for doubt. We will and we shall... 

Overcome.

Yeah, that's it.  

Overcome.  

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But until that day, it is for us but to do or die until we see the whites of their eggs. And then. Only then my friends, will we say, this was their finest hour! 

And so I say to you now, with clarity in your mind and heart, go forth. Sally into the valley of death, you 600! And we shall emerge victorious. 

Amen. 

The foregoing written and produced by ChatbotDrS. 

And now, we look at the hourly bars to take a guess about what happens today. First, you should know that I went into last night and held for this morning's open, heavily long, as long as I have ever been (which at my age is quite an accomplishment). This is as good a contrary indicator as when FxFox emerges from his den to appear here, as he forages for food for his young. 

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We have crossed the Rubicon this morning at 6 AM US ET. The fuguetures are rangebound. Hourly cycle oscillators are holding weakly in positive territory. Momentum is stuck at the zero line. The long term trendline from the January 2022 market top is now sport. I suspect the market will just sit on that and rotate. But one thing is certain. The market will be rangebound between 4040 and 3940, until it isn't. 

You pays your money and takes your chances.

And that's the way it is, January 26, 2023.

Cliche Day.

For moron the markets, see:

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As for the Treasury market, now in the throes of a debt ceiling lockdown, it too is at an infartion point. The 10 year yield is on the verge of a buy signal, which is to say, a sell signal for the bond market in terms of price. But it's not a given yet. The next few days will tell. If they break below the 200 day MA the 10 year yield should head for 3.15. But if those yields start upticking from here, it will be another sell signal for the bond market. 

Liquidity Trader update to be published this afternoon.

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I regret mentioning news 

"House Republicans are mulling an attempt to buy time for further negotiations on federal spending and deficits by passing one or more short-term suspensions of the statutory debt ceiling this summer, including potentially lining up the deadline with the end of the fiscal year Sept. 30."   https://rollcall.com/2023/01/25/house-gop-considering-clean-short-term-debt-limit-suspension/

So supply is on the way and when is the only question. The dufus revolutionaries in the House have gotten an offer they can't refuse.

Otherwise, when I succumb to the temptation to check the news I always go here.

https://duckduckgo.com/?q=world+weekly+news&atb=v348-1&ia=images&iax=images

 

 

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1 hour ago, Jorma said:

I regret mentioning news 

"House Republicans are mulling an attempt to buy time for further negotiations on federal spending and deficits by passing one or more short-term suspensions of the statutory debt ceiling this summer, including potentially lining up the deadline with the end of the fiscal year Sept. 30."   https://rollcall.com/2023/01/25/house-gop-considering-clean-short-term-debt-limit-suspension/

So supply is on the way and when is the only question. The dufus revolutionaries in the House have gotten an offer they can't refuse.

Otherwise, when I succumb to the temptation to check the news I always go here.

https://duckduckgo.com/?q=world+weekly+news&atb=v348-1&ia=images&iax=images

Yeah, but liquidity news is good. 

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