Yesterday, I had nearly completed a very lengthy and informative update, but somehow lost 1.5 hours worth of work. This was 15 minutes before the opening bell, and it really took the wind out of my sails. I didn't have time to recover from that catastrophe.
I did add some charts to the previous update, which you can usually find pinned to my twitter page, and if some point I can't find the time to blog, just look there. That is until twitter cancels me, which I have no doubt will eventually happen.
The main points I wanted to make...
1. The trend on the DOW remains (up), and we don't fight the trend.
$INDU - upturned triangle pattern. Target - at the top of the pattern - 1000 points higher. Sounds like a lot, and of course the lame stream media will saturate the headlines, but it's only a 3% move.
I thought we might see more weakness yesterday, and another thorough retest of the 50 day moving average, followed by a gap (back) up above support (at the 35.1 level), and that's exactly what we're seeing. We've seen this so many times before, you'd have to be an ignorant fool, not to see this short squeeze Friday coming. I know I must sound like a broken record at this point, but every Options expiration is manipulated, weekly/monthly.
I saw this coming on Wed.
#Dow to gap up above 35.1k in an engineered #ShortSqueeze pic.twitter.com/YZnBVRCZhT
— Veteran Market Timer (@3Xtraders) September 8, 2021
If you really need a (rational) catalyst for the market to gap up, it's that the ECB reported yesterday, and that takes away uncertainty like a FOMC announcement. Remember the ECB, and the Fed are in cahoots, and the american tax payer is on the hook for the entire global debt bubble. Scary thought.
$SPX - yesterday we saw the criminal controllers taking out stops just below the 4500, and loading the truck, and predictably this morning, we see the truck driving away.
Tweeted this important fact yesterday:
Day before weekly options expiration $SPX 4500 stops are taken out. Of course it's rigged.
— Veteran Market Timer (@3Xtraders) September 9, 2021
Probably the most obvious indicator of a continuing rally, is that the $VIX continues to be sold. That either means there's no fear in the market, or the manipulators (bulls) are still in control.
Some followers are probably asking, "why I'm making predictions on DOW movements, when nobody trades it? That's because the DOW lags. You can't have the DOW selling off, every day, and tech rallying to new highs, and expect a market correction. That's just the way it is. We could however see a sector rotation from tech, into DOW stocks. The money to fuel any rally has to come from somewhere.
Natural Gas
Natural Gas - Looks like it already overshot, but this is what commodities do. Next target looks like $5.10, in a rare broadening triangle pattern, seen on the chart below.
NatGas - actually did take out my target yesterday. Called this out in my twitter feed, as well. Could retest or even overshoot slightly, but if it continues to breakout I'll be looking to add to short positions.
$UNG (NatGas fund) - same thing. Powerful wave 5 of C, at the top of an expanding rising bullish channel. That's a double (100%) in 5 months.
NATGAS - may have already overshot - in a rogue wave D - but momentum could carry it to 5.50. Calling this an overshoot in wave D, followed by a nasty reversal into Wave E. From there the catalyst could be nuclear winter, or some new type of geoengineering (weather manipulation) causing winter temperatures to plummet. That could send Gas prices through the roof, and mass starvation, to boot.
NatGas: The only other pattern I see is a false breakout in wave B of (Y)
Oil: Oil looks like it's consolidated enough. Could see a big move in Oil as soon as today, if it can rally back above the 50 day moving average (69.93). The pink line is your stop.
China continues to struggle at the top of the range, but I think Sept Options are holding US trades Chinese stocks up. Rebounds on light holiday volume are common.
$FXI (China) Watch the 50 day moving average, trading at 41.96.
I got tons more China charts, but little time.
I'm going to give out a free stock pick at the opening bell, so follow me on Twitter.
Always practice proper money management, and remain diversified.
Take Care, AA
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