DrStool Posted August 16 Report Share Posted August 16 So I looked at my phone this morning and I saw that the market was pulling back. Opened my computer to give you the usual morning update and this is what I saw. I wondered if it was a sign. So I waited. And I waited some more. And here I am 30 minutes later and I'm still waiting. Should I disobey the command? Should I turn off my computer? Only the shadow knows. Even my phone won't update the es hourly chart. So I'll keep an eye on it and get back to you as soon as I have something! 😊 Quote Link to comment Share on other sites More sharing options...
DrStool Posted August 16 Author Report Share Posted August 16 Still waiting. I think I'll go shopping. Quote Link to comment Share on other sites More sharing options...
DrStool Posted August 16 Author Report Share Posted August 16 The charts have come back on my phone but I'm unable to update the channels on the phone screen. Quote Link to comment Share on other sites More sharing options...
TurdButter Posted August 16 Report Share Posted August 16 Looked at about a dozen equity index charts from around the world on 6 mo, one year and three year timeframes. Non US indexes all look to be in broadening tops. In the US, NASDAQ looks most like that, Sp5 the least and Sow in between; Russell still clearly under high from 3 years ago. Bitshit also looks broadening top as well. Quote Link to comment Share on other sites More sharing options...
DrStool Posted August 16 Author Report Share Posted August 16 I am the Channel Master. If I draw a ray, You must obey. For moron the markets, see: Bits and Pieces- Why What Was Bearish is Now Bullish August 15, 2024 Pit Oval Week Lies Ahead August 11, 2024 Swing Trade Screen Picks – Catching Many Fish August 12, 2024 Still Looking Up for Gold August 9, 2024 Tax Collections Were Worse than the Jobs Report But… August 5, 2024 Why Primary Dealers Net Short Fixed Income Is Now Bad News for Stocks August 1, 2024 End Stage Hysteria Breaks July 24, 2024 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. Quote Link to comment Share on other sites More sharing options...
DrStool Posted August 16 Author Report Share Posted August 16 Bitshit is the best measure of excess liquidity in the financial system. As it goes, so goes the universe. Quote Link to comment Share on other sites More sharing options...
potatohead Posted August 16 Report Share Posted August 16 12 minutes ago, DrStool said: Bitshit is the best measure of excess liquidity in the financial system. As it goes, so goes the universe. Quote Link to comment Share on other sites More sharing options...
DrStool Posted August 16 Author Report Share Posted August 16 1 hour ago, potatohead said: Still Looking Up for Gold August 9, 2024 Quote Link to comment Share on other sites More sharing options...
DrStool Posted August 16 Author Report Share Posted August 16 3, 5 day cycles expressed as 4 days as is common, bottomed this morning.5560 is resistance. If cleared, next trend resistance is 5577. Swing Trade Screen Picks – Catching Many Fish August 12, 2024 Quote Link to comment Share on other sites More sharing options...
BurntOnce Posted August 16 Report Share Posted August 16 all time high for gold. portends something. Quote Link to comment Share on other sites More sharing options...
DrStool Posted August 16 Author Report Share Posted August 16 1 hour ago, BurntOnce said: all time high for gold. portends something. Markets don't portend. They measure liquidity. We humans like to pretend that they are predictive. They're not. They're reflective. They reflect what the rich are doing with their excess, or lack thereof. Still Looking Up for Gold August 9, 2024 Quote Link to comment Share on other sites More sharing options...
Takachi-1 Posted August 16 Report Share Posted August 16 portends the miners will continue to do nothing I think one could argue entirely in the context of your liquidity proposition (with which I entirely agree so thats not at question) that liquidity gets allocated amongst various sectors. If gold were to break out to $5000 and stay there, it would denote more liquidity flowing to commodities that currently. That matters. All the places liquidity could flow to are not contained in the 500, nor the 4000. That was your comment on Bitshit, Yes? I had a kid that worked for me that bought eight bitcoins at $800 each right in the beginning. I begged him to take his profit at $8000, He wouldn't! Quote Link to comment Share on other sites More sharing options...
DrStool Posted August 18 Author Report Share Posted August 18 Bitcoin's only purpose is a repository for excess liquidity. It's really a great indicator of speculative fever, since other than money laundering, it serves no other purpose. Quote Link to comment Share on other sites More sharing options...
specie Posted August 18 Report Share Posted August 18 4 hours ago, DrStool said: Bitcoin's only purpose is a repository for excess liquidity. It's really a great indicator of speculative fever, since other than money laundering, it serves no other purpose. Maybe. I always thought it was a DARPA project to absorb extra fiat money that might otherwise go into gold. Quote Link to comment Share on other sites More sharing options...
DrStool Posted August 18 Author Report Share Posted August 18 Most of these kids buying bitcoin don't even know what gold is. Quote Link to comment Share on other sites More sharing options...
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