DrStool Posted November 10, 2023 Report Share Posted November 10, 2023 But for how long, that is the question. Not to be or not to be. To be for how long, for not to be is our destiny. The hourly chart of the ES, 24 hour futures doesn't tell us about the long term. I'll look at that and post something on it before Monday. For now, I will hold to my last headline. But much depends on whether the bulls can hold the line today, methinks. Yesterday we had a failed buy signal on the ES hourly. But it's not over till it's over. The hourly oscillators haven't broken down and the last key uptrend line is still below at 4325 as of 8 AM in NY. That line rises to 4333 as of the NY close. If they don't break that, bulls still have the ball for this move. But if that breaks, 4305 would be the next spport line and likely target, with a whole lot of air below that. A breakdown could be fast and furious. But I'd expect an attempt to defend spport today, first. The 30 year Treasury bond auction was a disaster yesterday. Surprise, surprise, surprise. OK, not. You had been warned. Repeatedly. And if there's ever a reason to expect that to change, I will let you know as soon as I see one. But as I pointed out yesterday, the trend is still your friend. Fuggedaboutit! Treasury Supply Ain’t Going Away What about the yellow relic. As bonds sold off yesterday, so too did it. Sigh. Why am I not surprised. But have faith, ye of little. All is not lost. This is still well within the context of the expected pullback. For moron the markets, see: Gold Bullish Pullback But Miners Are Doubtful November 8, 2023 Swing Trade Screen Picks – More Longs November 7, 2023 Not Just a One Week Wonder November 6, 2023 Fuggedaboutit! Treasury Supply Ain’t Going Away November 5, 2023 Which to Believe, the BLS or Actual Tax Collections November 3, 2023 Here’s Why Macro Liquidity Still Signals Record Danger October 28, 2023 Dealers Pull In Their Horns October 14, 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 November 10, 2023 Author Report Share Posted November 10, 2023 Lest we forget. https://wallstreetexaminer.com/2023/11/back-in-the-channel-again/ Link to comment Share on other sites More sharing options...
PullMyFinger Posted November 10, 2023 Report Share Posted November 10, 2023 Ransomware attack on China’s biggest bank may have hit US Treasury market https://edition.cnn.com/2023/11/10/investing/icbc-ransomware-attack-hnk-intl/index.html Link to comment Share on other sites More sharing options...
DrStool Posted November 10, 2023 Author Report Share Posted November 10, 2023 11 minutes ago, PullMyFinger said: Ransomware attack on China’s biggest bank may have hit US Treasury market https://edition.cnn.com/2023/11/10/investing/icbc-ransomware-attack-hnk-intl/index.html Read about that yesterday. A laughable excuse. Just a coincidence that it coincided with trendline touch? Link to comment Share on other sites More sharing options...
DrStool Posted November 10, 2023 Author Report Share Posted November 10, 2023 And that Primary Dealers had to take 25% of the issue. Link to comment Share on other sites More sharing options...
PullMyFinger Posted November 10, 2023 Report Share Posted November 10, 2023 Just now, DrStool said: Read about that yesterday. A laughable excuse. Just a coincidence that it coincided with trendline touch? Well, at least it's a new excuse. I was getting kinda tired of the old ones. 🙂 Link to comment Share on other sites More sharing options...
PullMyFinger Posted November 10, 2023 Report Share Posted November 10, 2023 Mr. Above Reproach might be in some hot water for doing about the same thing he fired Dave Sokol for: https://finance.yahoo.com/news/warren-buffett-reportedly-traded-millions-012958816.html Link to comment Share on other sites More sharing options...
TurdButter Posted November 10, 2023 Report Share Posted November 10, 2023 1 hour ago, PullMyFinger said: Mr. Above Reproach might be in some hot water for doing about the same thing he fired Dave Sokol for: https://finance.yahoo.com/news/warren-buffett-reportedly-traded-millions-012958816.html Shocked!!! to hear that untoward dealings by highly respected and responsible individuals could occur! Actually I've thought that a supersecular ultralong term bottom would not occur until Warren the Weasel's reputation was fully ruined and he'd kicked the bucket. And another story right by that one had his sidekick Charlie Chuckles pimping AAPL and GOOGL. Must think it's 2010. Link to comment Share on other sites More sharing options...
potatohead Posted November 10, 2023 Report Share Posted November 10, 2023 Link to comment Share on other sites More sharing options...
BreakOut Posted November 10, 2023 Report Share Posted November 10, 2023 1 hour ago, PullMyFinger said: Mr. Above Reproach might be in some hot water for doing about the same thing he fired Dave Sokol for: https://finance.yahoo.com/news/warren-buffett-reportedly-traded-millions-012958816.html When the tide goes out… Link to comment Share on other sites More sharing options...
DrStool Posted November 10, 2023 Author Report Share Posted November 10, 2023 2 hours ago, PullMyFinger said: Well, at least it's a new excuse. I was getting kinda tired of the old ones. 🙂 There's always a new one. Link to comment Share on other sites More sharing options...
fxfox Posted November 10, 2023 Report Share Posted November 10, 2023 40 minutes ago, potatohead said: 😂😂😂 Link to comment Share on other sites More sharing options...
DrStool Posted November 10, 2023 Author Report Share Posted November 10, 2023 It's tiresome, isn't it? Link to comment Share on other sites More sharing options...
fxfox Posted November 10, 2023 Report Share Posted November 10, 2023 A real long term bottom will not occur before everyone hates stocks. Best would be if at the same time the 10y yield would be above the long term average yearly return of the S&P. Last time we had the „everyone hates stocks“ part was in 2003 (the downmove in 2008 was not long enough), esoacially when you look at a global scale, DAX lost like 70% within 3 years. We are still in a phase whwre EVERYONE knows for a fact that we will be „much higher in 5 years“, that „on the long run stocks go up“ and such. You didn‘t hear many of those phrases in 2003. Link to comment Share on other sites More sharing options...
fxfox Posted November 10, 2023 Report Share Posted November 10, 2023 Plug Power down 40% Yesterday they missed their own outlook they gave the quarter before for the 13th time in a row, THIRTEENTH. That is fraud. Period. Their CEO should be send to Gitmo. Link to comment Share on other sites More sharing options...
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