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What You Should Do With “On One Hand, On the Other” – Finally The Correct Version

Lee Adler

In addition to the problems with the email server, I made an embarrassing error in this report. The body was updated with current data, but I neglected to overwrite last week’s executive summary on the first page. The result was obviously confusing. Thanks to a couple of subscibers who pointed this out, I have updated the report to include the correct executive summary as originally written. Note that the body of the report as originally posted, including the charts, was current. 

I apologize for the error! 

There’s a lot of that infuriating, “On the one hand–On the other hand,” stuff in today’s report. On the one hand, I hate when that happens. On the other hand, it is what it is.

But the good thing is that there are clear parameters that should tell us what to expect as the week begins.

Technical Trader subscribers, click here to download the report.

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Gold Gets Ready

Lee Adler

The question is, “For what?” Here’s the answer, not in so many words.

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What You Should Do With “On One Hand, On the Other”

Lee Adler

There’s a lot of that infuriating, “On the one hand–On the other hand,” stuff in today’s report. On the one hand, I hate when that happens. On the other hand, it is what it is.

But the good thing is that there are clear parameters that should tell us what to expect as the week begins.

Technical Trader subscribers, click here to download the report.

90 Days Risk Free If You Join Now!

Try Lee Adler’s Technical Trader risk free for 90 days! 90 day money back guarantee applies from the intial signup date. This offer is for first time subscribers only.

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The Big Treasury Margin Call is Called Off

Lee Adler

With the light supply and the Fed money putting the wind at their backs, Primary Dealers got a gift on top of that. Coronavirus. The panic that induced has driven money out of stocks and into bonds. Just what they needed.

Subscribers, click here to download the report.

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Gold Uptrend in Good Shape But

Lee Adler

Gold has established a trading range with clear parameters to indicate whether it’s in trouble, or on track.

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Keep Friday In Perspective, Unless…

Lee Adler

The 6 month cycle has probably topped out but long term charts tell us to maintain perspective. Here’s what comes next.

Technical Trader subscribers, click here to download the report.

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When the Dealers Will Say WTF and Just Keep Selling

Lee Adler

Dealers cut back their fixed income inventories ever so slightly over the past month. They also increased their hedges, but again, slightly. They are still near historical record net long positions, and still carry historic levels of leverage.

With a bulge in Treasury supply on the way, is this where the bond market might trigger them throwing up their hands and saying WTF, despite the Fed?

Subscribers, click here to download the report.

Also, I have republished Thursday’s Treasury market update due to a faulty posting with  links to an earlier report. Those errors have have now been corrected. I apologize for the delay!

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Market Conditions Were As Good As It Gets

Lee Adler

Supply and demand conditions for stocks and bonds have been as good as it gets over the past month. We can thank the Fed’s Not QE program, and light Treasury supply for that.

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Gold’s Corrective Phase Has Risks

Lee Adler

Gold’s consolidation is going according to our expectations, but there are risk. Here are the levels where it getts dice. Meanwhile, we’re still swinging with our mining picks.

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How The Fed’s $100 Billion a Month Make Chart Meltups the Norm

Lee Adler

When the Fed pumps $100 billion per month into Primary Dealer trading accounts, we’re not dealing with a level playing field. The Fed has sharply tilted that playing field to the upside. Under the circumstances, meltups become the norm. A whole lot of people fail to understand that and fight the Fed and the tape all the way.

And so it is today. I failed to roll up long SPY call trades last week, not because I thought the market would go down, but because I thought it wouldn’t go up fast enough in the short run.

I was wrong. It’s psychologically difficult to be bullish enough. It’s not enough to be bullish. If you’re not wildly bullish, you’re wrong. The Fed has created a crazy funhouse, and we must view the market in that context.

Here’s how the current funhouse tableau looks from that perspective, with a specific tip on how to trade it.

Technical Trader subscribers, click here to download the report.

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