For those that came to the site last night and looked at my musings only to look at the opening hours of the day session here in the U.S. and mused, “Once again, wrong! Stocks only go up, and the Fed’s got my back!!” (and you know who you are) I offer you another “picture” to clarify yesterday’s. To wit:
As I have stated many times, and I went over again today on the show, how there are times when what you think is the resolution of one pattern, it turns out to be false signalling that wasn’t a nullification of the process, but just a moment too early in that process.
Today is a text book, live example, of precisely that.
Today’s “market” action not only didn’t nullify my interpretations from yesterday, but rather – solidified them in a larger process. And for those that don’t fully comprehend what I’m saying, or think I’m being a little coy, let me say it this way…
The above puts a larger stamp on the idea the “markets” are weakening – not strengthening.
Everything I suggested yesterday now not only stands, but stands on far surer footing. Doesn’t mean I’m right, but in the context where I’ve used the analogy of you’re sitting at a blackjack table holding a king and a 10, and the dealer is sitting on 19 made up from pulling six cards and needs to pull one more, where nine times out of the last 10 they’ve pulled a two of clubs to ruin your yachting dreams. This time – they’ve just drew an Ace and have to draw one more.
That’s where we are.
As always, we have to wait and see what comes next.
I’ll just reiterate, the above is not a good look for what one would want to see if they thought yesterday’s possible implications were nullified at the open. Especially going into a holiday weekend, when all other markets globally remain open.
© 2020 Mark St.Cyr