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Friday, September 13, 2019

Market Update 9/13/2019 - Friday the 13th

I'm naturally a little superstitious, but I there's a slight chance we could be looking at a black Friday, or Black Monday, after painting doji reversal candles, on several key indices, at yesterday's close.

Of course, the more likely scenario is that the market holds up into the FOMC meeting, and that news is sold. The AI will probably get paid on this Friday (weekly OPEX), but it is Friday the 13th....
Investors could be spooked, and if the $VIX breaks out, this party will end very suddenly.   

NASDAQ: Most every chart looks like this. A little throw-over past the top of the range. This is where the average retail short seller typically capitulates.

 I'm really not sure how long the NASDAQ can hold above the 8200 level. If this were oil, I would say, "it could hold up for quite a while".  

$DJIA - holding above 27000 - This rally amounts to a 500 point breakout above the 50 day ma.

Of course every financial news outlet is pushing the "new market high" story, as they always do. Does this look like new highs on the $NYSE? No. It's all BS, and this is exactly the kind of nonsense you expect to be reported at the end of a bull market, because everyone remains bullish. Even after the next crash, they will talk about how much the market is up for the year. Well that's great, if you started investing in Jan. of 2019. Not so great for most long term investors!  

I thought I might get rained out today, so I could watch the market trade basically flat again, but the weather's clearing up. I'll set the charts to auto-refresh, but I won't have much time for charting today.

Have a great weekend, AA 

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