DrStool Posted August 2, 2023 Report Share Posted August 2, 2023 Good morning. I made it to the Alsace Lorraine yesterday after a brief stopover in Basel Switzerland to see and pay homage to the Basel III Accords. It was a moving experience even though I was unable to find the exhibit. I went to the Basel Rathaus (pronounced rat house), which is the German word for City Hall, where I expected to find them. But alas, no luck. There are no public restrooms in Switzerland, either. It's not surprising that these two things are linked, I think. Basel Rathaus By the way, in France, the City Hall is l'hôtel de ville. Whenever I pass one of these in France I ask my French friends if they have ever stayed there. But here's the thing. In France City Hall = l'hôtel de ville. In Germany it is the Rathaus. Interesting, hmmmm??? Having failed to find the Basel III Accords, I returned to the train station for the final leg of my journey from beautiful Heidelberg Germany, to not quite as beautiful, but definitely charming Mulhouse France, where I'll base for the next few days as I explore the Alsace. As far as the market is concerned today, obviously nobody cares because it's still holiday time in Europe, and many Americans are also spending their vacation days now, out at the Ham Tons, Downashore, or up at the lake in the mountains. The lucky few are out on their yachts. All that notwithstanding, here's our usual look at the hourly ES 24 hour S&P futures in the pre market. But first, the 2 hour bars for perspective. You can see that the ES has broken a little head and shoulders top with a conventional measured move target of 4545. However, there's a cluster of spport lines around 4550. And below that is an even bigger cluster around 4540. Hard to imagine those being broken, at least not on the first try. But if it happens, whether now or later, it would create a nice little top pattern for more of a downmove. On the other hand, watch 4560 in the morning, and 4555 in the afternoon. If that area is cleared, up we go again. Rally is Tired But Here’s Why Not to Go Short On the hourly chart, there's a 5 day cycle projection of 4545, and a 2-3 day cycle projection of 4550-55. Not much downside forecast there. In the meantime, I am working on a Gold Trader update that will be posted later this morning. Stay tuned for that. Here's a daily bar chart. Promising or foreboding? The answer coming up. For moron the markets, see: Thanks But No Thanks August 1, 2023 Let the Scary Pictures On Primary Dealer Financing Do the Talking July 31, 2023 Rally is Tired But Here’s Why Not to Go Short July 30, 2023 Gold Marks Time July 26, 2023 Full Load of Longs, But Adding 2 Shorts July 25, 2023 Market Looks Poised July 24, 2023 Correlations Don’t Matter Until They Do, Like Now July 23, 2023 Swing Picks Following Gold’s Yellow Brick Road July 18, 2023 Withholding Tax Rebound Sets Up a Bearish Fed Catch 22 July 6, 2023 It’s Not Your Daddy’s Liquidity Anymore July 5, 2023 We Now Know What is Driving the Rally June 20, 2023 The Fed’s Slush Fund is Working June 16, 2023 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...
SiP Posted August 2, 2023 Report Share Posted August 2, 2023 Solar/gree Dark Days for Solar Chalk up another victim to higher interest rates: rooftop solar installations. Last week, solar device supplier Enphase Energy said that it now expects third-quarter sales to fall 20% in the third quarter. The stock, which has been a standout performer for years, is off 40% this year. The CEO was surprisingly frank in an interview “Our investors are correct,” CEO Badri Kothandaraman told “They expected us to grow and to keep continuously growing, but we disappointed them.” The problem is that sales of solar panels have slowed in several parts of the U.S., largely because high interest rates have made solar more expensive. In states with low electricity costs, such as Texas and Arizona, consumers have less incentive to install rooftop panels when they know they will have to pay higher financing costs. Other rooftop solar stocks such as SunPower and Sunrun are also down sharply this year. Enphase sells devices called inverters that convert solar energy into usable power, as well as batteries to store solar power. The installers and distributors that buy Enphase products have seen a slowdown in sales to consumers, so Enphase’s products are piling up in inventory. Enphase is cutting its sales targets because it doesn’t expect to sell as many devices to installers. Link to comment Share on other sites More sharing options...
SiP Posted August 2, 2023 Report Share Posted August 2, 2023 eurusd Link to comment Share on other sites More sharing options...
SiP Posted August 2, 2023 Report Share Posted August 2, 2023 Dax again at 16k Link to comment Share on other sites More sharing options...
DrStool Posted August 2, 2023 Author Report Share Posted August 2, 2023 Gold’s Pain in the Bottom LEE ADLER 3 - GOLD TRADER AUGUST 2, 2023 The 13-17 week cycle is topping out as the 9-12 month cycle should be bottoming. That suggests… Non-subscribers click here for access. Subscribers, click here to download the report. Meanwhile, mining picks are getting blown out as technical buy signals fail left and right. And so we are reduced to following Newton’s law of trading. Hold ’em and hope. But not for long. Non-subscribers click here for access. Try Lee Adler’s Gold Trader risk free for 90 days! Link to comment Share on other sites More sharing options...
DrStool Posted August 2, 2023 Author Report Share Posted August 2, 2023 Have you ever wondered why they call it Basel I I I (Ey Ey Ey) ? Link to comment Share on other sites More sharing options...
SiP Posted August 2, 2023 Report Share Posted August 2, 2023 The Basel Accords[a] refer to the banking supervision accords (recommendations on banking regulations) issued by the Basel Committee on Banking Supervision (BCBS).[1] Basel I was developed through deliberations among central bankers from major countries. In 1988, the Basel Committee published a set of minimum capital requirements for banks. This is also known as the 1988 Basel Accord, and was enforced by law in the Group of Ten (G-10) countries in 1992. A new set of rules known as Basel II was developed and published in 2004 to supersede the Basel I accords. Basel III was a set of enhancements to in response to the financial crisis of 2007–2008. It does not supersede either Basel I or II but focuses on reforms to the Basel II framework to address specific issues, including related to the risk of a bank run. https://en.wikipedia.org/wiki/Basel_Accords Link to comment Share on other sites More sharing options...
SiP Posted August 2, 2023 Report Share Posted August 2, 2023 The regulatory standards published by the committee are commonly known as Basel Accords.They are called the Basel Accords as the BCBS maintains its secretariat at the Bank for International Settlements in Basel, Switzerland and the committee normally meets there. The Basel Accords is a set of recommendations for regulations in the banking industry. Link to comment Share on other sites More sharing options...
SiP Posted August 2, 2023 Report Share Posted August 2, 2023 so you shoudl go here 1. https://goo.gl/maps/wxwEwSXGTCUXUDHw6 2. https://goo.gl/maps/oytAHn4iMcnJz6vi7 Link to comment Share on other sites More sharing options...
Jimbo Posted August 2, 2023 Report Share Posted August 2, 2023 TWO WHEELS GRINDING IN OPPOSITE DIRECTIONS What is the stock market It is two wheels grinding in opposite directions 1/ The first wheel...the smallest comprising 5% of stocks ....is about wealth creation. 2/ The bigger wheel.....95% of stocks.....is all about wealth transfer. Choose wisely grasshopper. Link to comment Share on other sites More sharing options...
SiP Posted August 2, 2023 Report Share Posted August 2, 2023 gold Link to comment Share on other sites More sharing options...
SiP Posted August 2, 2023 Report Share Posted August 2, 2023 Something is goin on Link to comment Share on other sites More sharing options...
WTF Posted August 2, 2023 Report Share Posted August 2, 2023 The "this time it's different" crowd are getting ready to have their heads handed to them... have paid for my seat, looking forward to the show... Link to comment Share on other sites More sharing options...
SiP Posted August 2, 2023 Report Share Posted August 2, 2023 Link to comment Share on other sites More sharing options...
SiP Posted August 2, 2023 Report Share Posted August 2, 2023 Im not so sure about huge selloff there is crowd waiting to jump in and catch the rally that started in october Link to comment Share on other sites More sharing options...
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