In the same category

Most Economists and Market Pundits In De-nile - Walk Like an Egyptian

IMG Auteur
Published : October 12th, 2018
370 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
FOLLOW : Economists Market
Category : Technical Analysis

 

"No regulatory penalties, no criminal indictments for fraud, no clawbacks, no prohibitions of bonuses at least during early phase of financial market recovery, all of this sticks in my mind as unjustifiable— and imprudent, as it taught a lasting lesson that bankers had immunity."

Dr. Harald Malmgren


"At the recent market peak, the most reliable measures of U.S. equity market valuation (those best correlated w/actual subsequent long-term returns) were about 200% above (3 times) historical norms. No market cycle, not even 2002, 2009, has ended at valuations even half that level."

John Hussman


Yesterday I said:

"The 2770 level on the SP 500 Futures chart looks like an important support level. Below that the bulls will need to start taking Xanax if they break 2740 and stick a close below that."

The continuous contract SP 500 futures, which is what I watch and chart, failed to hold that support at 2770, and closed at 2747, after an intraday low at 2712, which is the diagonal support line from the previous correction lows.

As for big cap tech, after a plunge to test 6905 they managed to come off the lows and actually finish in the green around 7040

So at least for today the market stabilization crew can claim 'mission accomplished.'

The Dollar took a bit of a dive today, as the safe haven buying flocked to the bonds, sending yields lower, and to gold and silver which had the kinds of bounces we have not seen in some time.

Gold finished near the upper band of its recent short term trading range.

Let's see how the wiseguys manage the markets yesterday, going into the weekend.

As previously noted, a decent attempt to get the stocks back higher, after some possible doodling around down here near support is certainly possible.

I have not bothered to calculate the percent declines and Fibonacci retracement levels yet, as the current correction is still rather 'young.'

We are on the brink of earnings season once again, and those firms coming out and warning are being beaten rather soundly.

If stock buybacks are the main thing that the stock bulls can look forward to, then they are just delaying the inevitable.

Have a pleasant evening.




 

<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
“Collapse Of Civilisation Is On The Horizon” – Attenborough Warns W...
11 DecJ.
The Climate, it's complicated. Look up the 100,000 year problem. Basically, the Earth has been in an Ice Age about 70 - 80 % of the last one m...
“Collapse Of Civilisation Is On The Horizon” – Attenborough Warns W...
06 DecS W.0
It is difficult to argue with a person like D Attenborough. Who doesn't like his shows? In saying that I am wondering if he, and probably 99% o...
Columbia University Promotes Letting Students Grade Themselves
03 Decvictoriashores
Really who cares
Scientists: The Globe’s Food Supply System Is Broken
04 DecJ.
People need to stop following academics as if they know everything. Science is about continuously evolving your knowledge based on a process of te...
Scientists: The Globe’s Food Supply System Is Broken
02 DecS W.
Oh no! Wheeze all doomed. It is not a matter of eating less meat it is simply a matter of eating less. and eating less of garbage food in part...
How Private Banks Create Bubbles — with the Help of Central Banks
02 Decsneezy67
It appears that we as consumers pay a price for convenience. It is very difficult to haul 10 acres to market on your back or cart. Pieces of gold a...
Why It's Important to Define Money Correctly
29 NovACarr
Great quote!! This is incredibly true. Too many people get so caught up in fiat currency, when it's all about gold if you really look at it. I've g...
Thanksgiving - And Deliver Us From Evil
23 NovBarnsey
Dear Jesse, As much as I admire your journeys down biblical roads, I consider you have missed the point of that mystical journey. Beyond...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS