GFBP Plus Dow 30k!

So let’s just jump right into the technical chart of the Dow, now that the new big hallmark level has been reached:

We can always rely on the central banks to continue to support asset prices no matter who ends up in the White House. That is a certainty! With all this equity euphoria, lets look at the total world stock market cap which is even higher after today’s action:

However, let’s not forget, that the fiat valuation system of assets is debt money and thus, we have to look at total global debt continuing its ascent:

We can’t help but think that everyone is all in on equities now and the concentration of wealth continues on unabated, in fact look at this flows chart:

So what is all of this complacency telling us? That nobody is worried, that nobody cares about the election outcome, that nobody cares about the Covid outcome, that the only real thing that matters is trend, is QE, is continued central bank propping. 2020 should solidify those that were ever in doubt that traditional economic indicators ever mattered. THEY DON’T!

All this debt all this inflation of asset prices, one thing is certain, Bitcoin has certainly defied all naysayers and is performing exactly as one that understands its attributes would suspect. We can’t even find resistance, but it is curious and it has piqued our interest this 0.786 extension level at $19250:

However in the long run, the stock to flow model is one we have become very fond of and if you haven’t seen it, here it is:

Alright let’s look at the settles for today and get into some technical charts after:

When we look at the Ultrabonds we can’t help but think higher rates here as the top of the channel has proven its worth again:

As far as the equities the SP500 wants to take out the old hammer high at 3668:

A chart which we are delighted to see transpire as we felt this one truly changed the game when it crossed 23k, is the Nikkei. Take a look at this monthly candle!

We are also sensing the US Dollar weakness and the propensity for the Euro to bust back out to the upside here:

Crude Oil is also strong and most likely will benefit from a weaker dollar here and is targeting the $46 area:

Our final tech chart is Gold, which has taken a beating since the highs in August:

This move in Gold is surprising considering the undoubtedly nervous global currency FX sentiments as well as a prospect of a weakening dollar. So not to confuse anyone, we feel this move overall seems like a reach for real assets like equities and this may continue here for awhile. We don’t agree with that idea, but we can only call them how we see them.

Finally, we can see the US treasury curve starting to bear steepen again and this theme is consistent with our Ultra bond chart:

Alright Magnelibra’s Global Futures Benchmark Program Positions Proxy made some significant changes today. The program flipped from a hedged short to a Hedged Long as equities have dragged us in here as well. We aren’t sure the rationality overall from the fundamental perspective, but we don’t argue, we just react and time will tell if this call was right or not. Anyway, just wanted to update the program here for our readers:

OK, that’s it, we hope you have a very safe and Happy Thanksgiving, we are thankful for all our subscribers, all those that support us and we wish you continue this journey with us. We hope you are able to enjoy some time over this holiday to reflect upon all the things you have to be thankful for. We know its been a very difficult year and we hope that we have helped you navigate, learn and transcend your mind in a way that you haven’t thought before. Thank you everyone, we are extremely grateful.

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-Magnelibra Econemotions

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