DrStool Posted September 15, 2023 Report Share Posted September 15, 2023 Today the market embarks for its destination, the where which we know not. I, on the other hand, am headed home after an amazing 4 months of travel across the Old World. From Paris to Warsaw to Budapest and Prague, Berlin, Copenhagen, and Oslo, I have seen a bunch of great capitals and cities and towns of all sizes. A total of 31 towns in all, not including brief stopovers like Cologne and Basel. What a journey. But later this afternoon, shortly after the market opens in New York, I should be back home in Nice. Halleleujah! Shana Tova! Sell Rosh, Buy Yom. Actually, I hope not because I'm long up the wazoo, in violation of our religious Law of the Bearish People. May Lord Ursa forgive me, for I am a sinner! The stock market meanwhile has been on a journey to nowhere, but at least the swings have been big enough to be tradable. Had a nice payday yesterday as a result and hope to not give it all back today. The market gods aren't giving us many clues this morning. Yesterday's rally has paused. A 5 day cycle 4 day variant high is due this afternoon. A 5 day cycle projection of 4520-25 remains to be reached on the ES, 24 hour S&P futures. But a 4 day variant projection of 4515 has been. Either way, there's not much upside likely today. On the other hand, to get anything going on the downside would require an hourly close below 4505 for starters. Market Needs a Pop Now For moron the markets, see: Gold Teeters Toward Disaster September 13, 2023 Here’s Why This Stuck Market Is Not Surprising September 13, 2023 Reset Week Leaves List Uncomfortable September 11, 2023 Market Needs a Pop Now September 11, 2023 Beware! Jobs Really Much Weaker Than They Say September 4, 2023 Here’s Why This Is a No Clickbait Market for Primary Dealers August 24, 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...
DrStool Posted September 15, 2023 Author Report Share Posted September 15, 2023 Schwang. Link to comment Share on other sites More sharing options...
potatohead Posted September 15, 2023 Report Share Posted September 15, 2023 Strike one..... Link to comment Share on other sites More sharing options...
SiP Posted September 15, 2023 Report Share Posted September 15, 2023 "Lennar’s Earnings Reveal Robust Demand for New Homes Home builder Lennar reported better-than-expected third-quarter results, demonstrating that demand for new homes remained strong through August even as mortgage interest rates stay above 7%. The lack of available existing home inventory is driving buyers to the new-house market. Although revenue declined 2% from the third quarter last year, home deliveries rose 8% to 18,559, and new orders jumped 37% to 19,666. The average sales price for a home delivered in the quarter was $448,000, compared with $491,000 last year. Co-CEO Stuart Miller said the scant housing supply and pent-up demand combined for a strong sales environment. Lennar expects to deliver between 21,500 to 22,500 homes in the fourth quarter, with a gross margin between 24.4% to 24.6%. New listings ticked up 4% in August from July, to 350,000 homes listed for sale at a time when supply usually wanes, Zillow said. Luxury builder Toll Brothers said deposits in the first three weeks of August declined less than expected, while both physical and web traffic increased from July. The average 30-year, fixed-rate mortgage rose to 7.18% on Thursday, up from 7.12% last week, and 6.02% this time last year, according to Freddie Mac. Chief economist Sam Khater said inflation and strength in the economy are keeping mortgage rates elevated. What’s Next: Government housing starts and permits data come out Tuesday. FactSet consensus expects the seasonally adjusted annual housing-starts rate to fall to 1.42 million from July’s preliminary 1.45 million, and permits to decline to a 1.43 million annual rate, from 1.44 million in July." Barrons Link to comment Share on other sites More sharing options...
DrStool Posted September 15, 2023 Author Report Share Posted September 15, 2023 Well, not a nice greeting to come home to. Link to comment Share on other sites More sharing options...
fxfox Posted September 15, 2023 Report Share Posted September 15, 2023 Opex Link to comment Share on other sites More sharing options...
DrStool Posted September 15, 2023 Author Report Share Posted September 15, 2023 Kaboom. Link to comment Share on other sites More sharing options...
fxfox Posted September 15, 2023 Report Share Posted September 15, 2023 Aside from Ant-Vidia the chip industry doesn‘t look that bright no mo. Look at ASML, AMD… There will be no bull, when chips don‘t perform. Link to comment Share on other sites More sharing options...
potatohead Posted September 15, 2023 Report Share Posted September 15, 2023 30 minutes ago, fxfox said: Aside from Ant-Vidia the chip industry doesn‘t look that bright no mo. Look at ASML, AMD… There will be no bull, when chips don‘t perform. Link to comment Share on other sites More sharing options...
DrStool Posted September 15, 2023 Author Report Share Posted September 15, 2023 It's good to be home. It's shitty to see a good day's profit wiped out. But that's the mock it. I'll wait till the weekend to see if anything broke, or if the dealers were just shaking the trees. Link to comment Share on other sites More sharing options...
fxfox Posted September 15, 2023 Report Share Posted September 15, 2023 4 hours ago, potatohead said: Right. But a tiny Aperitif is allowed, just ro keep us in form. 😂🥳🥂 Link to comment Share on other sites More sharing options...
fxfox Posted September 15, 2023 Report Share Posted September 15, 2023 2 hours ago, DrStool said: It's good to be home. It's shitty to see a good day's profit wiped out. But that's the mock it. I'll wait till the weekend to see if anything broke, or if the dealers were just shaking the trees. Gonna be interesting. „Mixed emotions, buddy. Like Larry Wildman going off a cliff in my new Maserati.“ 😂 Link to comment Share on other sites More sharing options...
fxfox Posted September 15, 2023 Report Share Posted September 15, 2023 The move today is definitely Opex related. The question is: Is today the truth, or was the truth the runup till today and today is a fake? 😉🤯 Link to comment Share on other sites More sharing options...
DrStool Posted September 15, 2023 Author Report Share Posted September 15, 2023 New low vs. the last minor low is now a bearish setup. Link to comment Share on other sites More sharing options...
fxfox Posted September 15, 2023 Report Share Posted September 15, 2023 😂😂😂 Link to comment Share on other sites More sharing options...
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