DrStool Posted October 15 Report Posted October 15 This advance has been so orderly it feels like it could go on forever like this. Of course, it won't but we're here to consider today. And given the recent preponderance of a 4 day loop, it would seem that today would be corrective. In other words, sideways to down a tad. On the other hand, there's still an unmet 5 day cycle projection that has risen to about 5890. Using a 4 day basis it looks 5900 ish. When they get this close, the round number syndrome dictates that it's normally a done deal. Although maybe not today. 5857, right here as I write, looks critical to the very short term outlook. If it holds, then the market may be shifting into trending mode, perhaps for a blowoff move. If it breaks, then a little deeper pullback would be in order. I don't see the likelihood of anything dramatic on the short side. Any pullback looks destined to see buying come in at old rising trendlines located every 5 to 10 points on the downside. The most important trendline would be in the 5825-30 range later today. Hard to believe that we're talking about spport in the 5800s. Whodathunk we'd ever get this high. Round Number Syndrome Meanwhile, gold is holding in its trend channel for now. Can it go higher? Gold Says, Not So Fast! And the 10 year yield was driven back from the top of the trend channel yesterday. Light supply helped. But that won't last long. On the other hand, estimated tax collections for the quarter are due today. That windfall could result in T-bill paydowns for the balance of October and reduced coupon supply at the end of the month. We’re Now Week to Week for this Bull Over on Crypton, this pattern has the BTC bros dancing on the ceiling. So, my FX mavens, should I buy more EUR here? I have 18 months worth of living expenses stored in my piggy bank in eur. But the USDs keep coming in, thanks to you and Uncle. Trading FX is hard, especially when you have no choice. When you live in one currency and earn in another, you are always trading, even if the choice is to not trade. My reading of this chart tells me that 1.09-1.085 looks like a good place to buy euros. On the other hand, looking ahead, it seems to me that the ECB will need to be easier than the Fed. And that would mean a weaker EUR vis a vis the USD. Ach! Decisions decisions. For moron the markets see: Swing Trade Screen Picks – Loads of Buy Signals with Good Setups October 15, 2024 Round Number Syndrome October 13, 2024 Gold Says, Not So Fast! October 10, 2024 We’re Now Week to Week for this Bull October 9, 2024 Get Your Red Hots Here October 3, 2024 Market Can’t Live By Repo Alone September 25, 2024 Macro Money Blows the Roof Off September 17, 2024 Primary Dealer Clown Show Danger Pales in Comparison to Hedgie Daredevils September 11, 2024 Here’s Hard Evidence that the Slowing Economy Narrative is False September 8, 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
DrStool Posted October 15 Author Report Posted October 15 Swing Trade Screen Picks – Loads of Buy Signals with Good Setups Lee Adler 2 - Technical Trader October 15, 2024 Current screens yielded 488 short-term buys and 174 short-term sells. After applying long term trend structure and intermediate term filters, there were 92 buys and 29 sells. Non-subscribers click here for access. Technical Trader subscribers click here to download the complete report. I reviewed the charts. The sell side setups were problematic and I chose to add no shorts. There were numerous, solid setups on the buy side, and I chose to add 7 and stopped about half way through the list. With these additions, there will be 23 open picks to start this week which is more than enough. Non-subscribers click here for access. As of October 14 closing prices, the list had an average gain of 5.8%, down from + 7% the previous week, on an average holding period of 26 calendar days, up from an average of 25 days. Picks closed in September had an average gain of 1.6% on an average holding period of 20 calendar days. Picks closed so far in October had an average gain of +5.2% on an average holding period of 29 calendar days. Non-subscribers click here for access. I assume risk management through small position sizes and diversification. Your approach may differ. Non-subscribers click here for access. To view the list and charts of open picks, 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! Quote
SiP Posted October 15 Report Posted October 15 ASML down 14% in Europe, take nvidia with it https://www.marketwatch.com/story/asml-stock-tumbles-after-warning-of-slower-recovery-7ebf427c Quote
DrStool Posted October 15 Author Report Posted October 15 5 day uptrend channel smashed and oscillators are very weak. Quote
DrStool Posted October 15 Author Report Posted October 15 The final draining of the RRP slush fund is under way. We’re Now Week to Week for this Bull Quote
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