Price, Price Spread, Lagged Price/Volume Spread, and Binary Price/Volume Indicator
Price and Total Volume With 50-period Moving Volume Average
Fibonacci Price Scale With Targets
It seems traders and institutions are now thoroughly convinced that rates will be cut, but those of you who may not read my weekend post should do so this week, as there are two video podcasts sealing with the Treasury repo market that you should listen to. The rate hikes are likely not over, even beyond the fact what Congress and the Fed are authorizing unlimited spending without any budget cap. Go to this link and do it today.
There are so many crazy stories this morning that it makes one ponder the rationality of corporate boards. It appears the rather ill-advised move of firing the CEO of OpenAI has driven Sam Altman, that CEO, into the arms of the evil empire of Microsoft (my opinion only, based on consumer experience). What I don’t personally like is that the brain trust of the current leader in that technology moved to the oligarchic corporate culture of Microsoft still somewhat driven in the same path as noted control freak Bill Gates ran it from its founding. Let us hope that other forces in the development of AI drive it into more libertarian influences, like Elon Musk and others, so it is not used to literally imprison people. The whole idea of digital IDs linked to central bank digital currencies under an AI shell is the wet dream of every fascist and corporatist in government. That is particularly true in the EU where the former two technologies are being rolled out en masse starting next year. I would prefer to see AI as the great liberator of human creativity and not the prison guard of the oncoming digital gulag that the WEF and most of the EU desire (and for that matter, most of the American Uniparty, including Nikki Haley).
Speaking of Elon Musk, he seems to be in hot water over comments made about Jewish influence on Twitter. I think his enemies want to use these comments as fodder to prosecute him, but only time will tell. I have an opinion that will make everyone who reads this blog mad, so I will park it for some other time. The issue of our day is one person or group of persons should never have total authority to define what free speech is. Typically the idiots in the marketplace of ideas will prove themselves as such if only people are allowed to see it. The sad part is, even Elon Musk inhibits if not blocks content on Substack, which is bad enough. Don’t get me started on the current TikTok controversy over Bin Laden’s letter either. Kids with no filter for facts can be made to believe anything, and since both kids and adults no longer read actively or critically think often enough, the malevolent influences win.
It does appear that the U.S. Naval influence in the world is rapidly waning as this story reports regarding China’s submarine fleet. This could have a very large ripple effect as this century wears on. It also seems that driverless technology is in a bit of failure mode as well, as GM’s technology CEO resigns after successive failures at driverless car technology. Is this technology dead also? Will AI make life and death decisions for driverless car collisions? The mind boggles as the world changes. Fortunately, I will not be here when all this is resolved, if ever. When it comes to driving, I am a happy luddite (though I do own a plug-in hybrid).
I could write on other topics, but let’s look at the charts. If MNQZ23 can rally above 15880.25, it should have no problem rallying above the swing high at 15940 and beyond that to 15971.50 and 16011.50 by Tuesday. If not, there is support around 15865 that might hold depending on trading volume. If that does not hold, then MNQZ23 probably pulls back to its swing low at 15793 and below that to 15753 by Tuesday.
This week could be a slow week as Thankgiving hits on Thursday. The news flow is also somewhat muted, though there will be a lot of commentary from the Federal Reserve.
I picked up another 20 NQ points short on Friday. I will look at activity today to see if it meets my trading criteria. I may not trade after Wednesday of this week, as volume may dry up. Wednesday might be my last writing day this week, depending on what happens. I will let you know if that occurs.
That is it for now! Go make money today, have fun, and exercise before pigging out at Thanksgiving.
Today’s Economic Data Courtesy of Trading Economics dot com. Be sure to refresh the date at the top left.
Great overview.
MSFT up on the Sam Altman drama, which makes me realize that OpenAI management is quite bad.