Wednesday, October 9, 2019

Market Update 10/9/2019 - Market Rallies As Predicted

It looks like I have, "the hot hand", as they say in the bidness, but this was an easy call.

I got lots of great trades to get to this morning, so let's get it!

 The 15 min. chart worked perfectly, and this mornings relief rally, looks like a powerful wave "c".
 This typically what the live chart - located in the public charts area - looks like. A little busy and messy. 


$SPX:  1 min chart shows resistance at 2940/2945, so that's a level to watch.

I think those 2 charts (above) should suffice for a day at least. The $VIX looks like it overshot yesterday, so as long as it remains below 20, not worries.  

Brent Crude - Oil bounces out of the hole, after building a base. 

Energy should follow, but I have an alternative bullish trade already lined up, if it doesn't

$TRAN 3X BULL $TPOR: You won't find this chart in the public charts area, and I just don't have time to add it this morning. Maybe tomorrow...


$NUGT - 3X Bull/ Speaking of 3X leveraged trades. This one looks like it's ready to take the next leg down. Shorting these funds can be even more profitable than buying the opposite (bear) fund, because all these funds bleed value in a flat market. I'm sure there are hedge funds who short them all. WORD OF WARNING trading this 3X miner bull is risky; riskier than even trading oil here, but you know you're risk tolerance.



 
EEM should lead this rally, along with Oil.



Let's look at the Dow.

$INDU - I don't think I have a 30 min Dow chart in the public charts area, but this is the target....
 The short term trend remains down, so remain cautious.

I'll be away from my desk most the day. I'll set the charts to auto-refreash, and check in when I can.

Good luck,
AA







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