DrStool Posted April 11, 2023 Report Share Posted April 11, 2023 If you ask me, the market is getting weaker. Of course, I'm only talking about the hourly chart relative to time frames of a few days. I confine my work on the bigger picture to the Technical Trader reports. A kind individual took advantage of the risk free trial offer to that for all of 3 hours yesterday before canceling and requesting a refund. In his words, it looked like a bunch of spaghetti thrown against the wall. Obviously a deep thinker there, but can I help it if my work accurately depicts the market? Seriously folks. Does it bother me when somebody criticizes my life's work? Of course it does. I'm a sensitive guy. It hurts me deeply. Just look at how many lazy, stupid, ignorant jackass, morons there are in the world who want to be spoon-fed Pablum and expect it to taste like truffles or caviar, or Kobe beef! Of course it hurts that there are so many schmucks who are too lazy to think. In a perfect world everyone would have the patience, intelligence, and curiosity to invest a little time to follow the flow of the work before deciding it stinks. But to decide it stinks before really sticking your nose in it? That's just ignorant. Even if it does stink. In the meantime, I'll keep on doing it the way I've been doing it for the 40 years I've been drawing technical stock charts on computers, and the 50 years that I've been doing cycle analysis. The first 10 were by hand with a pencil and eraser on Keuffel and Esser graph paper that spanned the wall of my study as I scotch taped one sheet to the next. And so, because, admittedly, my work isn't easy to understand, I toil on in obscurity. I do it because I love doing it. But it's ok. I am comforted by the fack that nobody heard of Franz Kafka until after his death either. As for the hourly spaghetti, on today's menu, we have tagliatelle sprinkled with a little chopped beef. It's in the fridge, but we'll take it out for lunch and throw it in the microwave. Then eat it this afternoon. In the meantime is the market being tenderized, to be ready to stick a fork in it? Hard to say. Momentum is waning on the hourly cycle oscillators, but the low of the last little pullback yesterday was a hair higher than the one on Thursday. The market is obviously rangebound, and equally obviously could go either way. The spaghetti tells us that. Yes. The market may go up, or it may go down, from here. Where else can you find such deep insights? The tell is likely to be what happens around the upper trend resistance line that will end regular trading hours today at about 4123. If they clear that, bulls in charge. If they don't, bears have the ball and a shot. But to get in scoring position, they'd need to get under the sport level of 4095 by the end of today. Breaking 4107 would be a necessary first step. Cycle Indicators Tell How to Play This Rally Now For moron the markets, see: Cycle Indicators Tell How to Play This Rally Now April 10, 2023 Swing Trade Screen Picks – 3 Buys, 4 Shorts April 6, 2023 Here’s How We Know That Doom Has Already Arrived April 6, 2023 Macro Liquidity Says No Way Jerray! April 4, 2023 First, the Rally, Then … April 3, 2023 Gold Takes a Breather Before Lunar Launch March 30, 2023 Swing Trade Screen Picks – Traders, Take Your Naps March 29, 2023 Watch Out For This If the Market Comes Unstuck March 27, 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 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 folder. Link to comment Share on other sites More sharing options...
DrStool Posted April 11, 2023 Author Report Share Posted April 11, 2023 By the way, today is the last day of the week of masssive T-bill paydowns that should have had stocks and bonds flying. $55 billion to be exact. Not much to show for it. But fear not. It's tax time, and the US Treasury is being hit with a tsunami of cash that will peak next Monday. Then it will take a couple of weeks to count it all and deposit it at the Fed. Then they'll distribute it in the form of more T-bill paydowns. And we know what that usually does. Here’s How We Know That Doom Has Already Arrived April 6, 2023 Macro Liquidity Says No Way Jerray! April 4, 2023 Link to comment Share on other sites More sharing options...
potatohead Posted April 11, 2023 Report Share Posted April 11, 2023 I got called out by a gold and silver promoter. The guy speculates and makes up his own narrative but has 100K subscribers on Youtube. People want bias confirmation. Link to comment Share on other sites More sharing options...
DrStool Posted April 11, 2023 Author Report Share Posted April 11, 2023 Honesty is the worst policy. Link to comment Share on other sites More sharing options...
DrStool Posted April 11, 2023 Author Report Share Posted April 11, 2023 Fed's RRP slush fund rose $68 billion yesterday but up just $19 billion on the week. Link to comment Share on other sites More sharing options...
potatohead Posted April 11, 2023 Report Share Posted April 11, 2023 12 minutes ago, DrStool said: Honesty is the worst policy. It certainly does not pay as well in the short term. Link to comment Share on other sites More sharing options...
DrStool Posted April 11, 2023 Author Report Share Posted April 11, 2023 That tells us that on Monday, money market funds had big inflows. Where'd it come from? Link to comment Share on other sites More sharing options...
DrStool Posted April 11, 2023 Author Report Share Posted April 11, 2023 2 minutes ago, potatohead said: It certainly does not pay as well in the short term. Having been working in the business world for nigh on 58 yars now, it's my observation that it doesn't pay well over the long term either. Link to comment Share on other sites More sharing options...
fxfox Posted April 11, 2023 Report Share Posted April 11, 2023 5 minutes ago, DrStool said: Having been working in the business world for nigh on 58 yars now, it's my observation that it doesn't pay well over the long term either. and it isn't even a social class thing. Basically every plumber or used car dealer tries to betray you, like banks too. Only difference is that when I enter the yard of a used car dealer I know in advance that that asshole will try to rip me off. Link to comment Share on other sites More sharing options...
DrStool Posted April 11, 2023 Author Report Share Posted April 11, 2023 I found an honest guy to do finish work on my renovation, which seems to have a constant half life. Link to comment Share on other sites More sharing options...
potatohead Posted April 11, 2023 Report Share Posted April 11, 2023 Yellen: US banking system remains sound, with strong capital and liquidity positions, and global financial system is resilient comments made post the bond rally Link to comment Share on other sites More sharing options...
SiP Posted April 11, 2023 Report Share Posted April 11, 2023 I have a experience in local communities, different businesses and unfortunately I have to agree that honesty in many cased will bring you trouble. thats really sad summary of my work life experience. by trouble I mean - many people will fight with you because you are bad "for business". On the other hand, I have to say that the world is conducive to fraud - people don't have time, dont want to listen, they prefer to believe in quick and short solutions, they prefer populists - in a one word. Link to comment Share on other sites More sharing options...
SiP Posted April 11, 2023 Report Share Posted April 11, 2023 I find honest people in life, but often their honesty is not properly rewarded. I would expect honest people to just have more money, to be more prosperous and so on in the long run, but it is mostly dishonest people who have money. Link to comment Share on other sites More sharing options...
SiP Posted April 11, 2023 Report Share Posted April 11, 2023 And I have hardly seen honest people in so-called big business and politics anymore. I have seen some honest politicians, but they have been destroyed by a wave of dishonest and populist ones, and this applies to every political side. Link to comment Share on other sites More sharing options...
DrStool Posted April 11, 2023 Author Report Share Posted April 11, 2023 21 minutes ago, DrStool said: That tells us that on Monday, money market funds had big inflows. Where'd it come from? Only $21 billion of it would have come from the T-bill paydowns. $47 billion in bank withdrawals in one day. Let's see what today brings. 1:15 PM Link to comment Share on other sites More sharing options...
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