Picking up from where I left off yesterday:
1. Looks like stocks are going to remain pinned on this OPEX Friday, but you just never know,,,. We've seen volatility spike, and stocks sell-off, on OPEX before, although it's pretty rare (1/99). That's a 1% chance...
2. Bloomberg acts as if they don't know why it is that markets were "quiet", for most the week, including yesterday, as if they don't know it's a Jewish holiday, or something. What is that?
But as much as I rip Bloomberg news, it's 10X better than Faux FOX news, or CNBS (cnbc).
3. After yesterdays' blogs I remembered twitting this Australia/China cold war story, back in August:
Australia under cyber attack, by the Chinese, again. US market futures green. #COVID19 #CovidNews #China #Flu https://t.co/7GvJsc9140
— Veteran Market Timer (@3Xtraders) August 30, 2021
4. So you would think France is in trouble, after being thrown under the bus, and it's highly suspicious that the Australia story come out, just as the $CAC is testing the 2000 highs. I suppose this is another thing Bloomberg just happened to miss?
Wish I had the time to chart China, but instead I want to provide a longer term setup for tech stocks, the only stocks the controllers really care about - judging by the charts I provided yesterday. I mean, if the tech sector is being propped up, then it must be for a very good reason, right?
My long term outlook on US tech
I can't say I liked yesterday's tech rally to a lower high, and I managed to sound the warning, going into yesterday's close, and I think there's a good chance the tech bulls get taken out behind the woodshed, if not today, then next week.
Like I said: Not liking the short term:
$QQQ - rallies to a lower high, going into Thursday's close, along with semiconductors.
After all that, the #QQQ's are still trending down. Tech #Stocks had a good run until Joe Biden spoke pic.twitter.com/jIHCKKyly1
— Veteran Market Timer (@3Xtraders) September 16, 2021
Now let's assume we don't see another shakeout until next week. The 50 day average becomes the target, where you will no doubt see program buying.
$QQQ - Possible shakeout next week, followed, by a bigger rally, back to the 380 level. That could set up for a much bigger correction to the 355 target, in early October. That would set up for a bullish October OPEX, and probably even a rally into the end of the year, because you have to assume the shorts are going to be squeeze into the holiday's. Then new money comes in, and holds the market up, a little while longer.
$QQQ (weekly chart) - Looks like a 385 target and a retest of the upper channel.
This slow market has given me some extra time to update the public charts area, so be sure to check that out. There's a goof possibility we see a big rally in golf miners after yesterday's shakeout, but you don't want to be wrong here, as I tweeted yesterday!
$JNUG is the 3X leveraged jr miners bull. Not for the weak of heart, or the unlearned.
You really don't want to be wrong on $JNUG when/if this purple line breaks. It'll open down a lot more than 10%, if that breaks #GoldMiners pic.twitter.com/HQm7ZULxpJ
— Veteran Market Timer (@3Xtraders) September 16, 2021
And here's a miner to watch - back-testing the 41.42 level (LT support).
$WPM Silver Wheaton
Take care, and have a great weekend!
AA
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