Fake Financial News Strikes Again
Let's trade based on what the financial networks report, said no (pro) trader ever
So, yesterday, we saw a mild pullback into the 2550 area on the $SPX, with the selling accelerating going into the close, and I just happened to be watching the charts, and the Fox Business network; wish I had video.... because it would save me a lot of typing.
With 10 minutes still left to go in the trading day: The red head, who hosts the show in the afternoon - who's name eludes me - reports that if market closes below the low made the the previous day, that this is somehow confirms a "bearish reversal". This is the most absurd thing I've heard reported in a long time, and that says a lot, considering that I watch a lot of fake news! And as good as I am - at what I do - I would be hard pressed to call a market reversal, based on a slight 1 day decline, especially after making a new (intra-day) market high, on the same day. Usually takes weeks to confirm a bearish reversal.
I did call the reversal is shares of Citigroup - at yesterday's open, and it ended down 3.43%, but even the short term trend remains up. This looks like a sudden reversal into a little pullback (in a powerful wave c/4", not a bearish reversal. Support on $C is 72.20 by the way, in case you decide to chase it going into OPEX.
$C:
Let's get back to Fox Business - and other financial networks - trying to talk the market down. I've been observing this all week, and even predicted yesterday, that they would like to set the bear trap again... and what better time than when superstitious traders are worried about Friday the 13th. No doubt in my mind this was orchestrated.
With 10 min left going into yesterday's close, they bring on some shady looking fund manager ( I wish I had a photo, because this women looked demonic), who proceeds to tell viewers that all the good news has been "priced in", and that we may see a 10 - 15% market correction. Blatant false narrative being created, in broad daylight, by the deep state, who owns every one of these networks, and the governing regulatory bodies as well. These are some of the same people who allowed people like Jim Cramer to tell folks to sell everything, if they thought they would "need the money in the next 3 years" - during the financial collapse of 07 - 08.
If you watched the Steve Bannon interview on 60 minutes, you know his father dumped all of his stock in a panic, because there was a lot of fear mongering in the MSM, and he names names, and accredits that (staged) event - in part - to his (Steve's) political activism. After all, these crooks robbed his father of his life savings, and you can bet they laughed all the way to the bank! Never trust the fake news! Never trade according to what is being reported! Even when what is being reporting, can be authenticated; it's most likely, already been priced in, by the time you learn about it. This is because the Banksters have a direct line to the politicians, and when they decide to pull the rug out you won't be given any warning, believe me.
Allow me to tell you a story about a military contractor (stock) I once fell in love with. I was new to this, and luckily didn't have a large amount of money to invest, because I still had a lot to learn - the hard way. $FRPT was the ticker; if memory serves. They manufacture MRAP vehicles, that were much needed, for the 2nd Iraq war. This was before Cramer started pumping the name. I was sucked in around 30% from the top, I think, so I was up, and feeling good about it, but, before long, came the big reversal, and I gave it all away, and continued to ride it all the way down... all the time insisting the company had value. Sure, it had value, but probably $5 per share, not $24. It was the classic pump and dump; I'll never forget the stock being crushed on the very day it went to the big board, meaning it was not longer trading OTC. I'm not sure if this was considered and official IPO, but you see the same thing happen to overly hyped IPO's all the time. After all the hype, all the good news is already priced in, and I can't think of even one IPO that breaks the, "sell the news" rule. Even FaceBook, was sold, and the weak hands shaken out, before it was pumped into outer orbit (where you see it trading today).
Most of us, when we're new to trading; we search for intelligent sources of information, and think we can outsmart the next guy, but by the time you hear about a hot trade - 90% of the time - the easy money has already been made, and those aren't good odds. Don't be left holding the bag. Don't fall in love with stocks, or gold, or any other trade.
More on trading the news:
Remember when I called the major reversal in Brexit trade, the Russian Ruble trade, and Oil, the Trump rally, and most every other recent event the main stream media has gotten wrong?
At the height of the Brexit panic:
You're analysis amounts to "LOL". You're a circus clown right? I'm a buyer of #Brexit #Bullish pic.twitter.com/DkVjH3ef5e— Anthony Allyn (@3Xtraders) June 27, 2016
There are times when the main stream media circus signals a capitulation point, and other times when I see them reporting falsehoods, in order to manipulate markets, and some times it's hard to differentiate the two, but the $VIX never lies.
Yesterday: $VIX closed below the highs of the day, and was only up barely 1%, when it sold off just ahead of the close, so we know the fear was manufactured. Another bear trap, for those who trust the networks.
This morning: we see the market trading at new market highs again, and yesterday's outlook still holds true. If you need a chart, and have donated to this website in the recent past, feel free to message me for a chart. Make a $30 donation today, and I'll be happy to help you.
The New membership website is still in the works.
You'll find some of the details about that in yesterday's blog.
Take Care, and have a great weekend!
AA
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