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Wednesday, February 12, 2020

Market Update 2/12/2020 - Oil, NASDAQ, Russia, Coronavirus

I should be busy updating the charts this morning, and switching out the short term charts in the public charts area, but I thought I better do an update. Multi-tasking

The 1 min. chart has kept me on track over the past couple day's, and the 10 min. chart is working again, after yesterday's little pullback, but I'm also charting Oil, and energy, not to mention Russia, and Biotech, and the $VIX, and everything else it takes to be right every day. It's a tall order; 16 hr days. Thanks for your support.

To review the action of the past few days: The trend continues. $VIX remains contained (#NoFear).

$SPX  1 min chart

$SPX 10 min chart - Pulled back into support going into yesterday's close, as the $VIX rallied off my "$VIX ALERT". Still the $VIX remains relatively low

I think yesterday's pullback could be enough to keep the bears trapped until at least Tuesday of next week, and possibly going into OPEX is Friday, with the $VIX going as low 13.50! From there, I think we'll see the $VIX fill the gap left behind at the 18 level.


The best call of the week, was yesterday's reversal in Oil, and of course Russia reversed as well.

What makes that call so incredible is what I made that call the day before.

I think the 3X Russia Bull can at least fill the gap, that was left behind last week around $75.

Technically the trend on Oil remains down, so watch this target on the Bloomberg 2X Oil fund $UCO. Looks like 14.35. I'm thinking it may still need to build a base, and the Oil bulls should remain trapped going into OPEX. Everything revolves around OPEX.

 Sentiment remains pretty bearish on #coronavirus fears, but it hasn't spread into the Europe, or the US, and I think there's a good chance we're seeing money flow out of Asia, and into the US. Coronavirus is only suppose to shave .01% - .02% off of 2020 growth estimates. That could change, but that's where we are today.

Bearish sentiment doesn't move markets, money does.

I'm going to add some DCS charts to the Public charts area.

The NASDAQ is on a tear, and the target on the $NDX looks like 9700.

No doubt the NASDAQ is going to take out the 10k level. It's just a matter of how soon? May is selling season, so I think before then.

The Dow: Looks like the chart was repaired after last Friday's bear trap, but if this channel (in black), breaks you should know what to do. Support looks like 29,300, and you know it's going to 30k.

I'll have to draw up a new $SPX chart to match.... or add this 60 min. view.

$SPX 60 min. - Trend remains up of course

Watch those updated in the Public charts area. You can find a link to those live charts, in the left hand side menu, and a legend to help you understand my charts, on the Chart Legend TAB at the top of this page. So much more, I'd like to add, but I'm outta time.

Good luck, AA

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