Market Update 11/13/2019 - Powell Testifies & The Trump Impeachment Show Trial Begins

2 Dog and Pony shows in one day! Looks like it's going to be a good day to flip channels! Should be good for a laugh, if you just keep in mind most these people are incompetent bureaucrats, life long government employees, who'd rather have another Clinton, or Bush, in the white house. See:

Donald Trump just ended America's 2 biggest political dynasties in 18 months - business insider

 

There was nothing to update yesterday.  The 2% drop in China was ignored, and stocks rallied into the full moon, leaving behind an $SPX "3100" print on the tape. 

 This morning we only see futures down 9 handles, with Energy and Oil leading the way down, as usual. Doesn't look like a reversal to me, and we're just getting into the beginning of short covering season.

Just look at what happened to the short sellers in $BREW, yesterday!

 This pullback could continue, but until the $VIX breaks out above the 14.50 level, don't expect much selling. 

 I've taken down most the short term charts, and replaced them with longer term charts. You can see plain as day, the trend on the 60 min chart is broken, something you wouldn't know, if you're watching a 10 min chart.

I did put up a 10 min $TSX (Canada) chart, as an experiment, of sorts, and it shows that there was no higher high....   also showed yesterday's failed channel crawl-back attempt.

Maybe I'll return the short term charts, once they start working again, I can tell you st support on the $SPX looks like 3060, (by the end of the trading day). 

The NASDAQ and $SOX looks really bad here, and one of the hosts on CNBC, came out after the closing bell, and called $SOX "over extended". Is that a "dog whistle", for the short sellers, or something? He actually told people to buy Pepsi instead.

$PEP - GOOD LUCK WITH THAT!

Later,
AA

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