Market Go Boom! 3/24/23

[DrStool]

Every day at the stroke of noon here in Nice, there's a cannon blast. This has been going on for 160 years. It's to remind the mayor that it's time to go home from his morning dalliance, lest his wife catch him. 

For the longest time, every day when that cannon went off, I would jump out of my skin.  Now, I barely notice it despite being just 300 meters from its location on La Colline du Chateau, Castle Hill .  

As I was preparing to open this thread this morning simultaneously with the usual mid day cannon blast, I looked at the hourly chart of the ES, S&P 500 24 hour futures and I was startled. It wasn't from the cannon blast. It was from the market blast. When I had checked earlier this morning, the ES was up a bit from yesterday's 4 PM close. Now, traders had blasted out yesterday's lows. What changed in the space of a few hours? 

Well, Europe opened, for one, and there seems to be just a touch of panic about the next domino to fall. That would be Douche Bonk, which is not only too big to fail, but too expensive to save?

Stay tuned for that drama to play out. 

I do think that in the end, all of us will end up somehow taking a substantial haircut on our bank deposits, if not through outright bail-in, then through disastrous inflation that rapidly erodes our purchasing power as the Fed and its cohorts print and print and print some more in an attempt to inflate their way out of this fucking mess of their own making. 

Now they are poised to test critical sport around 3910-3905. At first glance, the hourly indicators suggest to me that this will break down. Not sure if that's my bias, or an accurate reading, but that's the opinion for what it's worth. The 5 day cycle projection is only 3915, suggesting that the decline is done for now. Howsomever, there's a 2-3 day cycle projection of 3875, so pick your poison. I'll go with door number two. 

I do think that, clearly if 3905 fails, 3875 is all but a done deal, and it should happen fast. Massive Fed Monetary Injection Changed the Technical Picture

The 10 year Treasury yield is on the verge of breaking down. Implied target would be 2.50, probably in the blink of an eye. 

That would be a first step on the way to a self mitigating banking crisis. While investors who had any assets left would be buying Treasuries, it would also require massive liquidation of equities. How to Play When Fed Changes the Game, Not Just the Rules

The rally in the euro got kneecapped over the past two days. The daily chart has formed a triangle suggesting a narrowing range of indecision between $1.055 and $1.09 per EUR 

 

Bitcoin reached its 9 month cycle projection of 27,000 and has not been able to break out of its uptrend channel. The move looks done but would need to drop below 26,500 to reverse to the downside. Until that happens, there's still the base breakout implied target of 34,000 to think about. 

Ha ha ha. 

I love the next chart. It's going up to test its high. Then if it hangs around, it's going higher and higher. Gold Set For High Base Breakout

Gold weekly. 

 For moron the markets, see:

• Gold Set For High Base Breakout March 22, 2023
• Swing Trade Screen Picks – Show Me the Money, Jerry! March 21, 2023
• Massive Fed Monetary Injection Changed the Technical Picture March 20, 2023
• How to Play When Fed Changes the Game, Not Just the Rules March 19, 2023
• Systemic Meltdown Under Way As Dead Bodies Finally Start Surfacing March 12, 2023
• February Withholding Taxes Say – Fade the Jobs Report! March 2, 2023
• Here’s Why There Will Never Be Bull Markets Until This One Thing Happens February 26, 2023
• You Can Now Follow the Diabolical Usual Suspects February 16, 2023

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[Mkucstars]

So... the end is near? Get right with Go(l)d?

Repent you banksters. Or jump...

could it be raining banksters soon?

 

[Mkucstars]

Nah, they'll just start another war. 

[BreakOut]

I have heard the Nice cannon up close, but that Frankfurt one today…

[Jimi]

[Jimbo]

THIS IS ALL PANIC BUYING TREASURIES

They are not worth what they are paying.

They are payiing 100 cents for safety when its worth 70 cents.

By buying overvalued treasuries they are taking a voluntary haircut.

[potatohead]

"I do think that in the end, all of us will end up somehow taking a substantial haircut on our bank deposits, if not through outright bail-in, then through disastrous inflation that rapidly erodes our purchasing power as the Fed and its cohorts print and print and print some more in an attempt to inflate their way out of this fucking mess of their own making. "

 

The whole reason to own physical gold and silver.

[fxfox]

 

[fxfox]

Dunno, but Sven Henrich goes on my nerves since a while.

Just because you seem to have cracked the twitter algorithm and therefore appear everywhere on twitter, doesn‘t give you the right to present yourselve as „Mr Know it All“ every other effing day. And you know what? No, not every chart formation is „a wedge“.

[fxfox]

Buttcoin is weird: The SEC goes after it, Binance said spot trading suspended, fraud from A to Z… yet it keeps holding up at 28k. 🙄
 

 

[fxfox]

 

[Jimbo]

ON BITCOIN 

Its a flight to safety thing.

The techno crowd consider it electronic gold.

Not to my taste.

[DrStool]

They bought the dip. They bought the dip.

spinach dip. 

[DrStool]

And the rally stopped right where it was essposed to. 

[WTF]

BTC will find its true intrinsic value eventually... just like tulips, beanie babies, pets.com, etc..........

In my opinion Blockchain is the value, not sure what the coins will be worth, but my bet (long BITI) is much, much less then where they are trading right now.  But maybe I am wrong, and nothing (well, almost nothing) has a high intrinsic value, I guess time will tell...