Everything turned out, just as I've been predicting it would, for - what is it - going on 2 weeks now?
So it's good to be right again, and on so many counts; from the bottom in tech stocks I spotted on Friday afternoon, to yesterday's rip-your-face-off rally, which started in Germany. I'm not going to reveal my $DAX chart, but the catalyst was the swearing in of the new German Chancellor, something the liberal media would never report, because they feel it's their duty to promote feminists like Angela Merkel, no matter how repulsive, and unpopular, they may be. It's no wonder Germany celebrated.with a massive relief rally!
Isn't it funny how the lame stream media, didn't report the rally in tech stocks until yesterday, and they failed to mention that the QQQ's found support at the 50 day moving average - something that is so obvious, that anyone looking at the technicals should've been able to see it.
Looks like a nice bullish backtest... ahead of the holidays. Typical
— Veteran Market Timer (@3Xtraders) December 2, 2021
I was also right on Airline stocks, and biotech - too many things to mention.
But now what? Well considering that next Friday is Dec. OPEX, and that most Options expire worthless, I think this rally can continue into this Friday, and sell-off into the next.
Tech should not continue leading the way higher - as I pointed out yesterday.
The sell-off in energy, and China, along with several other sectors, led the pullback, and if there's going to be a convincing and sustainable snap-back rally, we're going to need to see those sectors lead...
#NatGas looks kind of oversold, after Monday's little shakeout below the 200 day ma. Another obvious case of market manipulation. It also sold off just beyond the Fibonacci target. It's trading at support, and we could see holiday short covering
$UNG - sold short below the 200 day.
Timing is always difficult. We could see tech stocks remain pinned in the top end of the range, going into the end of the week.
I want to show you how traders - returning from the Hanukkah break - manipulated leveraged funds in order to facilitate a 3% rally in tech stocks.
$WEBL (3X Leveraged DOW Internet stocks Bull) - you didn't even know I watch this one.
Gaps back up above the lower pattern line, after shaking out most retail traders. This was definitely engineered.
There is another 3X fund I was seeing the same thing on yesterday, but can't seem to find it, right now.
QQQ - Of course the Q's aren't leveraged, but the manipulation is blatant, as it was propped back up above the upper channel line. The annotation should read "rigged", not repaired.
$INDU - We also saw the bid raised above the the sell target on the DOW
I don't like the level of manipulation, or the big gaps up. Screams too far too fast, and short sellers buying, rather than money managers.
As long as the $VIX is trading in the 20's, it's best to remain cautious
I'm seeing some evidence of a wave 4, so don't be surprised if we see a retest of the lows in certain sectors, and even a flash-crash in tech.
I've removed a bunch of charts, from the public charts area, and returned the short term $SOX chart, since that one actually retested the highs. 4000 seems to be the target on that one.
It's just too much work to keep updating so many charts I don't even use.
Watch the $SPX 4700 level. We tested is once already
Opening bell has already rang, and I'm out of time.
Take Care, AA
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