I see a 27500 target on the DOW. Still trading in a bullish channel
$SPX 3100 is taken out in pre-market. That's going to take out my pink stophunt, on my 10 min chart, so we're bound to see some panic selling at the open.
In yesterday's blog, I mentioned that the Michael Bloomberg Network, was trying to blame this pullback on Trump, as always do, and next thing you know the Trump campaign bans their reporters from covering any further rallies, or campaign events, and Trump labels Globalist, China lover, Michael Bloomberg, "#mini-mike". See: Trump campaign to blacklist Bloomberg News - axios
Also See: Video shows Bloomberg saying China's 'Xi Jinping is not a dictator' Taiwan News
Later in the day, I'm checking the charts, and notice that $APPL and $AMD aren't being sold, and tweet the bullish chart, and only a few hours later $JPM raises their target on Apple.Mini Mike Bloomberg has instructed his third rate news organization not to investigate him or any Democrat, but to go after President Trump, only. The Failing New York Times thinks that is O.K., because their hatred & bias is so great they can’t even see straight. It’s not O.K.!— Donald J. Trump (@realDonaldTrump) December 2, 2019
Apple ain't broken. Not even $AMD. pic.twitter.com/KJU4gquA6e— Veteran Market Timer (@3Xtraders) December 2, 2019
Something I forgot to mention last week, is the gap target on the $NYSE, finally filled. I did however alert to it in the public charts area, and you'll find an identical chart in there. This index failed to make a new all time high, and a (W) - (X) - (Y) pattern is a bearish combination pattern. That would mean that the entire rally of 2019 was a snap-back rally in a bear market.
Looking at the DOW, you can see the larger EW count - a bearish running wave B - in a sideways triangle, or pennant pattern. Yesterday's little sell-off is hardly even visible on the chart.
It's too soon to establish a down-trend in a bear market, but we'll see what pattern develops, and which sectors are leading.
I was feeling a little under the weather yesterday, so I didn't spend much time charting, and will probably be taking it easy, again today.
I still think we could see a big bull market in energy, and you see it consolidating on the chart below.
$IXE - Energy
My thoughts are they will run Energy up on the Saudi IPO. Sectors rotation out of Tech, and whatever else is over-bought, into Energy stocks.
We could even see gold money rolled over into Oil.
$GOAU miners -
Oil - The trend remains up, and the $USO closed on the 50 day ma. That's the level to watch
Everyone is bearish Energy, and most investors know Oil sands is a bankrupt industry, so I wouldn't be expecting worse news.
That's it for today. I'm going to have my hands full at today's open.
Take Care,
AA
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