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Wednesday, July 7, 2021

Market Update 7/7/21 - Are the days of pattern trading over?

 I know I shouldn't get too cocky, because I know I'll be wrong again one of these days, just not today. 

First off: Let's fix all the typos on yesterday's blog, and expound on it. I was kinda busy yesterday... DONE! 

Be sure to check out the (oil) bear fund chart I added to yesterday's blog, and compare it to the next chart! 

$UCO (Bloomberg Crude Oil). I believe it should be illegal for a so called financial news outlet to create ETFs, but I guess it is what it is. What I want you to see on the chart is how the 20 day moving average was bought... as has been the trend for some times. I'm still not sure if it's the machines buying the 20 day, or the market engineers (the manipulators), but I am pretty certain this is no coincidence. Like it or not, this is the new market, but still in someway's the same old market, as they drove oil up into every summer driving season, because this is what people get paid to do!  

Are the days of pattern trading over? Looking at the above chart, it would appear so. You don't need a pattern to trade this market, or to identify the trend, although the pattern on the corresponding bear ETF chart seems to be working flawlessly. This just adds to the fact that Oil is a solid buy. 

New market of not, watch me make money, swing trading oil! Try the leveraged Oil bull, if you can handle the volatility. Trade at your own risk. 


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