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What's This? A Downtrend Channel 3/15/24

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That's right spport fans. There's a downtrend channel on the hourly chart of the ES, 24 hour S&P futures. But catch it while you can. The top of the channel will be at 5162 as of the 9 AM tick in New Yak. That descends to 5155 at 4 PM when the boyz will go home for the weak end. 

Even if they break that line, it may not get far. There's uptrend resistance running from 5165 to 5168 today. Only if they clear that, will it be off to the races again. A mud fight seems more likely. 

OTOH, the 4 day iteration of the 5 day cycle seems to be back, and the 5 day cycle hourly oscillators have edged to buy signals. 

Advantage bools. 

Unless they take out 5145. Then I think we see 5123 again. 

Chow for now. It's past lunch time here.  Market Flies Blind in Thin Air


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Market cap $106 billion.

Cash on balance sheet $33 billion.

So really the business is valued at $73 billion.

Free cash flow in 23 was $17 billion.

4.3 times FCF.

Why don't companies like this just can their dividend and do buybacks???

They could buy the company back in 4 years!!!!!!

If they use the cash on the balance sheet and four years of FCF!!!!!

25% return on capital.


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Double bottom at 5110, but I see no positive divergences on any oscillators from hourly down to quarter hour bars. Usually means a lower low to go. 

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What a dud. 

Chow now brown cow how bow low mow pow row sow tow vow wow glow brow show grow slow blow snow stow flow 


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