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
Sometimes Things Turn
14 JunThemis
When humans try to do it all using their own strength and 'wisdom', we screw up royally. Let us remember that we have a powerful God and humbly tu...
The CFTC’s Summer Camp Letter
14 Junsonora691
I have followed the daily and intra-day prices of silver for most of the last 10 years. I am not a speculator, but a small investor interested in m...
Sometimes Things Turn
13 Junsonora693
I would like to thank you for turning a hundred years of American history into a succinct and subjective account of what has gone wrong in this co...
Sometimes Things Turn
11 JunS W.2
When a country like the USA does all the things that third world countries do, then by default it ends up in the third world.
Sometimes Things Turn
11 JunGypsy1
Being a "working stiff" I didn't start to notice The Turn until Foley and the Democrats would never stand up to Regan and Voodoo Economics. It was...
Going Where, Exactly?
10 JunJ.
I wonder where history will put the collapse. Like a recession, the collapse of a society is only apparent long after it is underway. Some, such ...
Trump’s Last Stand
08 JunS W.
I don't think China will be too worried about tariffs . They are getting on with business in the silk road with about 100 countries so they wi...
The CFTC’s Summer Camp Letter
02 JunS W.
I assume that Mr Butler has accumulated stacks of silver bars at artificially low prices and at some time in the future he will sell all his silver...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS