Lots of prognosticators were looking for 4471. Maybe they will turn the buying back on and get there. But for now sure does look like this was all she wrote.
If the long anticipated 5 to 10% correction is upon us this opex would be a good place to start. Working 12 hour shifts at Long Beach may turn the bottle neck around but Zerohedge has reprinted a list showing the backups at all the Asian ports. It is world wide, not just US. U of M shows people very concerned about inflation. In the mean time central bankers talking about "special rules" for green bonds and not investing in evil fossil fuel production. Articles saying people are facing a 50% increase in winter heating bills. I say all this because it is very clear Walmart, Kroger and the local power company are going to be taking a much bigger chunk of take home pay. Market needs to catch down to lowered performance. If not now, then after the Christmas sales numbers come in. Good news is the Fed overnight repo is running around 1.3 trillion and Treasury only needs to raise around 800 billion in December so the bond market may not get jerked around too much.
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Triangle, bias is up as it's a continuation pattern.
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