Page menu

Wednesday, January 12, 2022

Market Update 1/12/22 - Breakout China!

 Seems like everything rallied yesterday; even Natural Gas, and China managed to breakout, with China 3X Leveraged Bull $YINN closing up 10%! 


$FXI - 60 min view - Shorts squeezed

It's time to update the (above) chart, and wait and see what happens at the 50 day moving average, currently trending at the $38.08 level. I'm sure we'll get another opportunity to buy China... 


The big story being pumped by the lame stream financial fake news is Oil trading above $80. 

$WTIC - Texas Crude - trading into a mature H&S Pattern, with a 82.75 target. 

That chart has been added to the public charts area, even though I already have too many charts up

Looking at some of the energy names being pumped on CNBC: 

$OXY - #1 gainer on the $SPX - Retesting the 38.2% Fibonacci target 34.77. 

Halliburton - another top gainer... retesting the recent highs 

The big energy winner, and one that's been used to manipulate the $SPX, for as long as I can remember is EXXON Mobile. This is the one to watch! 

$XOM - probably gets pumped to a multi-year high, above the $72 level, before it's dumped. This is just how crooked the gangsters who run Wall Street are; valuation has no relevance, just squeeze the shorts, and take profits. But I believe there's something else going on here; see the Elliott wave Count!

$XOM  - DCS chart - Elliott wave count looks like a little throw-over out of the top of an expanding triangle. If this is correct; expect a violent reversal one the sugar wears off.    

Of course when the $SPX corrects energy has to lead the way down, and since $XOM drives the $SPX, the above chart has been added to the Public Charts Area.

Of course, Wall Street is not focused on the Fed, or earnings season, but on pumping and dumping this market ASAP, and the timing is starting to look like the end of Jan., because unless stocks rally into the end of 1st month of the year, heads are going to roll, faster than Jamie Dimon can say "get vaccinated, or else...". 

I'm also expecting financials to sell off, but probably not until earnings season kicks off next week. 

I think we could see a new high on the $SPX, but the market will probably consolidate lower first. 
In the meantime; I would be a seller of the $SPX above $VIX 20, and a buyer below $VIX 20. 

I'll also try to keep the short term $SPX charts - located in the Public Charts Area - updated. 

Later, AA 

No comments:

Post a Comment