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Tuesday, September 26, 2023

It's That Time Again! Time For Another Government Shutdown?

 It's That Time Again! Time For A Government Shutdown?

No, it's time for buying volume to pick up, now that Yom Kippur has passed, and hopefully we don't have to wait too long, because Tom Petty said - it best - when he sang "Waiting Is The Hardest Part".

I digress, but the market was super slow again yesterday, and the fake news adds insult to injury!  

If you caught yesterday's market update; then you already know why the market hardly moved on Monday, and just as I predicted, the lame stream media didn't say a word about the Jewish Holiday.

They were instead seen ramping up the negative news on Chinese real-estate developer Evergrande, while at the same time pointing to the next big holiday over there (Golden Week). 

Evergrande’s plan to stave off collapse is running into trouble cnn

I guess it's a good thing, I'm not long Chinese real-estate... I just wonder if this story hasn't already been priced in, as so many reports we hear repeated for years on end are (rhetorical)?  

Also In The News: 

The threat of a possible government shutdown, if the progressive party doesn't get their way. Of course they're going to blame the republicans for this one, as usual. 

Here's my take on that: 

The UAW strike persists, and Senior Biden encourages it! 

Biden will join the UAW strike picket line. Experts can’t recall the last time a president did that AP

8-9 people seen carrying signs

Do we really need "experts" to weigh in on this shit-show? LOL   

I digress, but where there isn't any real market movement to comment on, I'm left to analyze the fake news. 

Going to the charts  

$INDU back-tests the 200 day moving average, filling a gap - on the chart - that was left behind, back in August. The Dow actually ended up for the day, painting a bullish hammer candle. 

All you need to do is go back to  late May 2023, to see why this test of the 200 day ma is important. 

I was going to alert that Dow target yesterday, but it seemed so obvious I didn't even bother... 

What I didn't realize is that this was going to result in 3 - count 'em 3! - bullish indicators, not to mention a bullish mid-day reversal! 

It's no wonder CNBC was seen this morning, pointing to market futures in the red (sense the sarcasm). 

It doesn't take a genius to read this market 

Tiny market moves, on light volume/ volatility; ahead of the holiday season; all points to bullish consolidation. 

How dumb is this tweet? 

Looks like another bear trap, as I've been saying all along; I suppose the most hated rally of 2023 will be off to the races again, soon! 

Take care, 


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