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Thursday, October 17, 2019

Market Update October 17th 2019 - Tentative Brexit Deal, British Pound, and Netflix in Focus

Looks like we got a Brexit Deal, for what it's worth, and judging by the little relieve rally we're seeing in pre-market, it ain't worth much. It doesn't help the US one iota.

What the US needs is the passage of the new NAFTA deal, and a China trade deal, and infrastructure spending would be the icing on the cake, but our government is too busy sabotaging Trump's chances in 2019. Usually Wall Street likes gridlock, but this is a civil war within our own government, and the stakes are high. Regardless of what the leftist MSM is reporting;  "Newt Gingrich thinks we’re “as close now to a cultural civil war as we’ve been since the 1860s”  Right Wing Tribune

The continuing Coup against our duly elected President. Today's fake news: Yet another, ("unhinged") Trump tantrum being reported - Bloomberg

The Democratic Ticket is a hot mess: 

Elizabeth Warren is leading the pack on the Democratic ticket. She's not a friend of Wall Street, and a Warren win hasn't been priced in. 

Joe Biden is not able to put a sentence together, without stumbling, and bleeds into his eyeballs on live television! I'm not a doctor, but my sources tell me he's compromised! Not to mention his inappropriate behavior with young girls, and the fact that he exposed himself to female secret service agents.... Not to mention his shady deals in Ukraine....  I know China Joe is Wall Streets favorite, but Democrats are really supposed to show up at the polls, and vote for this guy?

 What really scares me is that I can't really visualize the 2020 election. I'm pretty intuitive, but I just can't seem to wrap my head around it. There are certain instances in which an election can be cancelled; a national emergency being one. I hate to say it, but now that Trump has gone up against the Military Industrial Complex, and the war economy, there is a good change that he could end up like J.F.K.

If there is an 2020 Election: It seems to me, the only way they can stop Donald Trump in 2019, is to crash the market, and stage public protests (riots).

The Trade

I'm still working on updating the Legend to the Public Charts Area. I pointed to a couple key indicators I commonly use - on the $COMPQ - yesterday, but there's no more timely example than my real time chart of the $GBP/$USD seen below.

$GBP/$USD -  See the trend in blue. 2. The reversal at my pink line. 3. The highlighted FIB target. 4. More resistance at my red line. If this chart doesn't make sense to you, then you probably aren't ready to trade technicals. Watch and learn for a while; practice with a fake account; trade something less risky.... 


continues to breakout - above the 50 day moving average - from where I called the bottom, a couple weeks ago. Congratulations on that trade. Take profits 

Yesterday's action, and today's target. 

The plan is to sell into strength, whether the $SPX retests Tuesday's high or not. If you've been watching the 15 minute chart, you know I had a 2008 sell target pinpointed. Could happen I guess, but I like guessing.

Traders who were watching the 15 min chart yesterday, probably couldn't believe the market found support at my green line, as the $VIX broke slightly above the dreaded 14 level, but slight breakouts don't confirm reversals.

 Watch the Public Charts. Stocks could remain pinned into the weekend, since this seems to be more about Oct. OPEX than anything else.

Watch the $GBP. Watch the $VIX. Watch $AAPL. Watch $JPM

Are J.P. Morgan racketeers cooking the books, and rigging the options market? I wouldn't doubt it.

$JPM   - Stop-hunt looks like 118, after it thrust out the top of a expanding triangle pattern. This is a good example of how tough the charting has been. Sideways choppy hell 

Here's another view of that all time high:

 I'm out of time, and down to the opening bell.
Take care,


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