ES Journal - 2019/2020

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Buy1Sell2 said:
Long term floor being under construction here in the 2450 area. If completed, it would constitute the first step up from The Izzy Bottom.
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1st step above the Izzy Bottom now in place. Should it break, watch out. Staying long here. I expect ATHs soon.
 
Many people were looking for a retest of the lows and as i said those are a ways off . I pointed out the massive counter strength in oils even as oil was at 18 yr lows. They were telegraphing todays Trump bs
 
Buy1Sell2 said:
I expect ATHs soon.
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Define soon. 3 weeks? 3 months?

A recovery to ATHs need a few things to happen. May need only one of them:

1) The world economy needs to start moving again, i.e., this shutdown needs to end or at least a clearly defined future date for when that will happen and at what rate. Too much uncertainty now, IMO...

2) A mutual agreement by all participants that the stock market and the world economy is completely decoupled, i.e., no relationship between pricings and fundamentals and thus a new bubble on the way.

3) The FED starting to buy stocks themselves.
 
vanzandt said:
You changed your name from Maxpossiblesuffering. Why? Anyway, yeah... his name was Captain Ahab. Herman Melville. I had to read it in high school. Pretty sure I must cheated on the test because I know I didn't read it. One of the reasons I'm not real keen on the nationwide legalization of weed, but we've beat that horse into glue already.

And no... honestly I could give a shit about B1, despite what it might appear. And I actually thought about that for real, of late I have used B1 as my whipping post when I feel like venting as he represents all that's stupid right now coming from our leadership in DC. And even at that, normally I wouldn't care nor feel a need to vent, I've lived enough and seen enough to not let little things get under my skin. But when you are looking ahead at what seems almost inevitable... and it could very easily take the life of one you love more than anything else in this world... yeah.... I'm gonna go ahead and vent on an idiot that keeps talking stupid shit that doesn't know his ass from a whole in the ground and gets his talking points from Sean f'ing Hannity. I'm only human ya know. So whatever on that. I'll be nicer to B1 ok. For you Max.

Regarding the markets.... we'll see. Its a tough call. We're getting a rally today on something I said 2 weeks ago would happen... Trump would call that idiot in Saudi. Big surprise there, anyone could see that coming. Problem is... this rally is a joke... $30 sounds great today after the last week or so... but I promise you.... its sounds horrible over in Texas and in the Permian. It might as well be $10 because the result is gonna be the same until we get it near $45. This rally is laughable. I can promise, its not the elite money guys that manage pensions and swf's. It's algo's. Without even looking, I bet volume is light across the board.

So whatever. Its a beautiful day, there's not many cars out, so I'm gonna take Muttley out to stretch her legs while I ride my bike. Reminds me of Fred, the Basset Hound in Smokey and the Bandit.

Another happy song. One of Jerry's best. He was a great song-writer. Amos Moses.

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This week I had a load from Laredo to Salt Lake City that took me through the Permian basin. I saw a lot of flares in this area of Texas and New Mexico as well as Friday still decent evening local traffic. I also saw lots of oil field company yards full of equipment. A lot of hands on jobs are in trouble as well as jobs of those in supporting industries. In most of the big, expensive coastal states, it is said many homeowners are just one month from missing a mortgage payment if they lose their job(s). I understand the risks to our economy but believe the very smart people in Wall Street, the Fed (Same thing, nowadays?), motivated President, and a spend happy Congress realize this as well.

The question is, is the Stimulus pipe big enough to get all that is needed for our economy in time to avoid an implosion? Will be looking at commodity prices and policy answers for addressing rapidly mounting job losses as a clue.
 
Buy1Sell2 said:
We'll be back to all time highs in a matter of 2 to 3 months-----certainly by the end of the year. In my view, we have a huge long term buying opportunity and the signal that I posted about the other day continues to be in vogue.
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hafez50 said:
. They were telegraphing todays Trump bs
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Hey, he's a team player, if he has to bomb Iran to help his buddies sell their oil...

6.6 million people just lost their jobs ***in a week*** and we're going up... I'm in my safe and comfy in my ivory tower, but I really don't understand why the peasants don't riot and burn everything to the ground... :(
 
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