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The Beatings Will Continue Until Morale Improves 2/28/23

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That's what this trading range feels like. Never ending pain for both sides. 

The trend on the hourly chart of the ES, 24 hour S&P futures suggests that the bears have the upper hand. But the hourly oscillators show higher lows that make the pattern of the past week look like a base for a move up. However, for that potential to be actualized, the ES would need to break out through 4019. 

Can it do that? I have no effing clue. I just know that it must take the first step, which would be to break out through 3993 this morning. Failing that, and Yogi Bear will remain in charge. 


Meanwhile, over in the bond market, yields have hit a wall over the past week. There's a big buyer, or several at 3.95 in the 10 year yield.

Or Janet, or Jay? 

Who cares. There's a buyer or buyers. And until those buyers are finished, yields are not going anywhere. 

But remember, $71 billion in new Treasury paper will settle this week, and after that, endless supply until they run out of debt ceiling extreme measures. Then they do a deal. Then more endless supply.


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Intraday cycle rhythm has shifted to a 3 day duration in the past couple of weeks. It suggests a high before, or around the NY open today. 


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Altria about to throw away 3 Billion on some vaping outfit

They have already thrown away $15 billion on Juul and Chronos.

What is it with these guys......

They should be doing:

1/ Spending the money on buybacks and dividends.

2/ They should also distribute the Anheuser stock to shareholders.

3/ They should have really debted up the company with cheap long term debt in 2019/20 and used the debt raised for 1/.

If they had done these things the market cap would probably be double what it is now.



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