Page menu

Thursday, August 8, 2019

Market Update 8/8/2019 - Happy Heil Hitler Day! - and why twitter's Stock is going to $5


Happy Heil Hitler Day!

and why twitter's Stock is going to $5

Happy Heil Hitler Day! (political insider inside joke on the "8/8" conspiracy). This is why I don't miss Twitter; Twitter management breaks their own rules, and guidelines, every day, by allowing leftist propaganda (such the 8/8 conspiracy", to trend all day long, while blocking any conservative who dares to say something that's considered politically correct, or insensitive. Good riddance!

Yes, this is personal, because I don't appreciate being silenced, by the Orwellian Power Structure, I like to call the "tech tyranny", but I'm going to try to not allow that bias to creep into my analysis of twitter's stock.
Twitter $TWTR - target $4.50. See that little bearish upturned triangle in purple? I expect the price action to fall out of that pattern, before the end of the year - October maybe. Of course the dip buyers will come in at support, at my pink line, and we'll see a nice counter-trend rally, going into 2020...  

Getting on with the business of of the day:

Yesterday, we got a nice washout to a lower low on the DOW (fell below the 200 day), but not on the $SPX, and then we saw buyers rush in again, so I wasn't all wrong, and we may still test that 2800 level. Oil also took a hit, but quickly bounced off the double bottom. 

The $VIX continues to be hammered down, below the 20 level.  Looks like a repeat of what we saw on Tuesday. Who knows who's behind that manipulation. Bernanke bragged about lower volatility, and we know the banksters manipulate markets, at will. They've been buster a million times....

The short term trade:

Over-night we saw futures pullback, before breaking out of what looks like a bullish triangle, on the 1 min. chart, but I don't trust Elliott Wave patterns on 1 min charts. I do however trust the channels, and support and resistance levels...

$SPX 1 min - see the top of the channel in black. This is same thing I'm pointing to on the chart located in my public charts area, but I created the chart below, so it's easier to see.

I think we're going to remain trapped in a range for a while, and we may retest the lows several more times, before consolidation completes, but I don't see the market collapsing, even if the $VIX breaks a little higher. I was watching some fund manager on Bloomberg yesterday, and he expects the market to break higher, before retesting these lows, in fall - on a "lower $VIX". That's kind of what I was thinking, but I'm not too certain on that. Lower market low, on a lower $VIX, is bullish.

Last weeks sell-off was an over-reaction, and I warned what would happen when the $VIX broke out. I'm surprised nobody took me up on my $100 offer, to reveal exactly where the reversal would take place. That was the deal of the century, and now that the $VIX, has broken out, fear remains.

This is choppy trading, and seems to confirm the bearish diagonal triangle patterns I'm seeing. Triangles are always complicated, with many head-fakes within the pattern.

Speaking of triangle patterns, I revealed this Australian chart, on my LinkedIn, yesterday, so folks there can see for themselves that this was a technical correction, that has nothing to do with Trump, or the, The Fed, China, or currency market. And this is just 1 of the black swans I see lining up in a row. 

The $VIX, and the $VIXY broke out, and global markets are beginning to top out, and traders over-reacted. Now we're bounce we're going to be stuck in a range for a while. This typically what happens after a big move.

That's all the time I got. Watch for precious metals to collapse, along with BitCoin, and US Treasuries, since that's where the scared money seems to be hiding out. That money needs to be put to work, in something less speculative.


No comments:

Post a Comment