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Monday, September 27, 2021

Market Update - 9/27/21 - Weekly Wrap-up

Looks like the short sellers got squeezed into another weekly OPEX Friday, and with only 3 more trading days left in Sept., I think you can forget about seeing an ongoing correction. You just never see the $VIX make new highs going into the end of the month.

The NASDAQ traded into last weeks target perfectly! 

$COMPQ - short term chart - trend remains down. I don't own tech, but I'm not short tech either. 


$QQQ trading into a right shoulder as predicted. 

Saw $SOX manipulated, as the opening bid was raised above the 50 day moving average. 

$INDU - Looks like this rally has legs. Seeing some resistance at my black line, and again at the 50 day moving average. From there we could be off to the races again.   

High Beta already broke out to a new recent high on Friday. 

Oil also broke out to a fresh new high, but there's lot's of resistance coming up around the $80 area on BRENT crude. 

I'm surprised to see Natural Gas trading back above 5.20, after last weeks violent reversal. In theory 1 reversal (in wave A) is always followed by another larger one (in wave C), so I'm short again, and seeing support around $3 (3.09)    

China looks oversold, and I'm looking for money to be put to work there, going into the end of the year. 

$FXI - Watch for the FXI to trade into a right shoulder, and possibly even retest the 200 day ma, by the end of the year. 

As I'm typing I see the $VIX popping, and US futures turn red. Also seeing higher yields... 

Not sure what that's about, but I like seeing NASDAQ futures off by almost 1%, but the DIS still trading in the green. I also like Treasuries again, after last weeks rout. 

The one thing I'm a little unsure of is Gold miners, but I have a small long position on nonetheless. I can totally afford to take a small loss, after the gains I've seen in Sept. It's been a great month, and hopefully this winning streak continues into the Fall. You can find the gold miner charts, as well as the 20 year treasury charts, in the public charts area. The link to those charts, can be found in the left hand side menu, on this page. 

Good luck, AA 

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