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Having Failed to Find the Basel III Accords 8/2/23

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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

10wam1 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:

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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.

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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.

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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!

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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.


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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.

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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.

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