DrStool Posted February 7, 2023 Report Share Posted February 7, 2023 Back when I was a kid trading from the customers seating area at the Walston and Co. office in downtown Philly, on a day like yesterday, the old heads there would say that. I'm not sure that still holds today. But these were guys who had been through the 1929 crash, so they knew something about markets. On the other hand, I'm not sure they could have imagined abominations like CNBC. Or trading from a cell phone in your hand anywhere you were while chatting online with thousands of other people, instead of the 5 or 6 guys in the peanut gallery, getting up to tap out quotes on the Bunker Ramo machine up front. No, I'd finish my day selling hot dogs or coffee on the street corner and then go sit in the gallery with these guys. We'd watch the ticker tape go buy, one trade at a time - a hundred shares, 200, 500, sometimes a thousand. And then there were those gigantic block trades of 5,000 or 10,000 shares. Everyone would get excited and get up and go to the paper news ticker to see if there was some news. Same if the market started moving for no reason. "Was there some news?" would be the murmur. But on days like yesterday, the saying for the day was "Never short a dull market." Other mantras were, "Don't fight the Fed." Or "Don't fight the tape. The trend is your friend." Or "Anything your broker tells you to do, do the opposite." Except for Stanley Goldring. If Stan said to buy something, it was good. Like Sea Containers. He recommended that, and it went up and up and up and up. Endlessly, for a couple of years, I think. Yeah, those were the days. I was young. They were old. "What did they know?" I thought. Everything, as it turns out. So we had a very dull day yesterday. Today, maybe we'll find out if what the old guys said back then still has any truth to it. For what it's worth, today is day two of a 54 day cycle up phase. If the market is going to resume its rally, today's the day. Otherwise, we start to look the other way. For moron the markets, see: Swing Trade Screen Picks – Here are Two on the Buy Side that Stick Out February 6, 2023 Rally Looks Great But Don’t Chase It Now! Here’s Why February 6, 2023 SOS – Goldtanic Hits Iceberg, Ship Sinking February 5, 2023 Composite Liquidity Should Be Bearish, Here’s Why It’s Not Right Now January 26, 2023 Long Live the Bear. The Bear is Dead January 17, 2023 A Funny Thing Happened on the Way to the Debt Ceiling January 16, 2023 Withholding Taxes Fell Sharply in January February 3, 2023 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...
PullMyFinger Posted February 7, 2023 Report Share Posted February 7, 2023 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? Link to comment Share on other sites More sharing options...
DrStool Posted February 7, 2023 Author Report Share Posted February 7, 2023 26 minutes ago, PullMyFinger said: 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? Dzackly. Link to comment Share on other sites More sharing options...
DrStool Posted February 7, 2023 Author Report Share Posted February 7, 2023 Working a double bottom here. Link to comment Share on other sites More sharing options...
DrStool Posted February 7, 2023 Author Report Share Posted February 7, 2023 Keep an eye on yesterday's low on the fugutures. 4092 Link to comment Share on other sites More sharing options...
WTF Posted February 7, 2023 Report Share Posted February 7, 2023 Dollar up / Dr. Copper down / UST Yields up / (all small amounts): hard for stocks to rise with those headwinds. They are trying to bring the yields back down. Link to comment Share on other sites More sharing options...
DrStool Posted February 7, 2023 Author Report Share Posted February 7, 2023 This feels "heavy." Like it wants to drop a load. Link to comment Share on other sites More sharing options...
DrStool Posted February 7, 2023 Author Report Share Posted February 7, 2023 Taken together, the last two posts are probably a buy signal. 😂😂😂 Link to comment Share on other sites More sharing options...
DrStool Posted February 7, 2023 Author Report Share Posted February 7, 2023 Pump or dump. Right here. Link to comment Share on other sites More sharing options...
DrStool Posted February 7, 2023 Author Report Share Posted February 7, 2023 1 day cycle projection 4100 done. Link to comment Share on other sites More sharing options...
DrStool Posted February 7, 2023 Author Report Share Posted February 7, 2023 5 day cycle projection 4065, not. Link to comment Share on other sites More sharing options...
fxfox Posted February 7, 2023 Report Share Posted February 7, 2023 1 minute ago, DrStool said: Pump or dump. Right here. They wait for that Poopwell panel later, although it will be a non-event, the „them“ will make an event out of it. Link to comment Share on other sites More sharing options...
WTF Posted February 7, 2023 Report Share Posted February 7, 2023 Watching AAPL, if they can break above $153 with some force, could get some upside action in the overall markets. Link to comment Share on other sites More sharing options...
fxfox Posted February 7, 2023 Report Share Posted February 7, 2023 The pro’s will shave the 0DTE option maniac‘s asses with rusty knives till they are bleeding. That‘s fer sure. Link to comment Share on other sites More sharing options...
WTF Posted February 7, 2023 Report Share Posted February 7, 2023 1 minute ago, fxfox said: The pro’s will shave the 0DTE option maniac‘s asses with rusty knives till they are bleeding. That‘s fer sure. You are correct, the retail gamblers don't know who they are playing against. In the long run, most will loss in that game. Link to comment Share on other sites More sharing options...
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