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This Trend Was Made for You and Me 2/13/24

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This trend is your friend. This trend is my friend, 

From Califonicate to the New Yawk Eye Land

Yeah! 

It ain't over till Roy Orbison sings. 

But it looks interesting here. The conventional measured move objective of this little tiny top breakdown is 4975. 2-3 day cycle projection 4995. Blue plate special. 4 day cycle projection 4985. Lotta spport at 5000. If they break that, should generate a wave of selling. But I wouldn't get too excited. Shorts are their own worst enema, and will start buying as soon as there's a pause. 

So a little selloff, then a rebound. The rebound will tell all.  All Systems Green

13fweu

 

Meanwhile, institutions find deep value in money laundering. 

13fwkd

Probably not in bonds though, especially if the yield clears 4.20 on the 10 year Treasury.  This Will Be the Week That Was

13fwl1

For moron the markets, see:

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What's that you say?  You bought the QQQ yesterday?  Congratulations!  More than 5% of your money went into NVDA.  Chances are 24 years from now, that portion of your money will still be worth 60% less than what is worth today.

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8 minutes ago, specie said:

What's that you say?  You bought the QQQ yesterday?  Congratulations!  More than 5% of your money went into NVDA.  Chances are 24 years from now, that portion of your money will still be worth 60% less than what is worth today.

LOL... like the moron's say, "It's about time in the market, not timing the market"... if you can live that long...

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The bulls can't wait to "buy the dip"... just look at NVDA... already closed its gap down from the morning.

A correction of 10-12%... then another vertical rally as Wall St. tells the delusional that if you missed the rally "buy the dip", and they will, with every last dollar they have, pushing the markets to a new all-time high... then the recession and the market blood bath can finally begin... but, who knows, just trying to think like a crook and how I could shear the most sheep...

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15 minutes ago, Takachi-1 said:

question is when they move to a more robust QE

Not at the current levels I guess.

Two scenarios:

1. „Something“ happens which results in a quasi crash

2. If the S&P starts to trade below 4000 for weeks/months

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The deepening departure in equity markets after disappointing US inflation data spares no one. The DAX, after falling by more than 1%, was at its lowest level since 1 February. We should soon find out whether the level of 17,000 points should be forgotten for a long time to come, or whether today we are only dealing with an incidental bucket of cold water poured over the hot heads of the bulls. Nothing much is happening yet up to the level of the last low of 17 January.

 

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Election year will demand QE in some form to project an "all is well" robust market.  It may come as a result of mundane forces or demanded to counter a serious dip.  Either way, if the current forces holding the market on its current trend abate, I don't see how its avoided.  Powell is not a Paul Volker, although I've read he wants to be seen that way. JMHO

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10 minutes ago, Takachi-1 said:

Election year will demand QE in some form to project an "all is well" robust market.  It may come as a result of mundane forces or demanded to counter a serious dip.  Either way, if the current forces holding the market on its current trend abate, I don't see how its avoided.  Powell is not a Paul Volker, although I've read he wants to be seen that way. JMHO

Yes right. „They“ will not allow a serious downmove before the election. Too much at stake. This coming election is perceived as a watershed moment in history (if that perception is correct is another story). This is not Bush vs Dukakis ya know…

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Over the past two trading sessions there were 37 charts with a second buy signal on the week, and 174 with a second sell signal. That suggests that suddenly all isn’t well beneath the surface of the market averages that are scraping new highs. However, a high percentage of the sells were fixed income funds and interest sensitive stocks like utilities and REITs. That’s not necessarily bearish for the rest of the market.  Non-subscribers click here for access.

Technical Trader subscribers click here to download the complete report.

On the other hand, when I visually reviewed the charts of the screen output, I added 7 shorts and only 2 longs this week. The result is that the list is now evenly balanced between buys and shorts.  Non-subscribers click here for access.

Table of picks and performance in the subscriber report. Non-subscribers click here for access.

Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days! 

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