Page menu

Friday, March 4, 2022

Market Update 2/4/2022 - market pulls back as predicted

 First off: Celebrating 400,000 hits on this website, since we began, in 2008, was it?  It was shortly after I gained popularity on, where I was predicting a flash-crash, and shortly after that BOOM! That call, caused me to need more room to write, and the rest is history. You see, this is something that I just kind-of fell into, due to unforeseen circumstances, and fate.  

Today's trade: 

Predicting daily market moves is a bit of a fools errand, especially in a choppy mostly sideways market,  but I've been killing it lately! 

 I did call for another pullback, after the weakness we saw on Wed. 


I kind of retracted that in yesterday's update, when I admitted that it may not have been the weakest rally, we've ever seen - and it was good to see the bulls push back a little - but I couldn't quite get bullish either. 

Yesterday's trade was pretty boring, and I ended up playing video games most the day. 

Tweeted out 22hrs ago 

 Russia Ukraine UK

Europe continues to melt down - no pun intended.  

Orchestrated or not; be glad you don't live in the UK. It's bad enough watching the 24/7 fearporn, slideshows, on the propaganda news. 

I still try to remain hopeful, and I suspect the shorts are about to get squeezed again, but you should never argue with the trend.  

 The trend remains lower, and it's times like this you gotta take your bull cap off, and go with the flow 

The $VIX remains in check, but god knows where it's going to open this morning. Could be jacked up like the Oil price is, every day. 

Jut like we saw in the Bloomberg Commodities Index rigged above the top of the channel, yesterday. 

After all, this is how they shake out technical traders: First they pull the rug, by breaking the technical charts. 2. Then they back up the truck, and steal your Christmas money. These are evil bastards you're dealing with, so this game is not for the faint of heart.

After all, Bloomberg Fake News is showing gains in Wheat for the year, not over the past few days, for a reason, and it's not in order for you to become better wheat traders! LOL    

You may recall, not so long ago, when Oil contracts went to zero (0), that was your golden opportunity! That was obvious to some of us, but sadly most traders missed the boat, because this is what most traders constantly do. Of course of there was a 3X Leveraged Wheat Bull (ETF_, I might be down 18% at today's open, and if I were short Wheat contracts, I might be even worse off... but I'd be looking to add to my positions, not panic out of them!      

I could give predictions on where we might see some bullish reversals, and alternate chart patterns, but I really have no idea what folk are trading. This site no longer generates revenue, so you're pretty much on your own, on most trades, but as long as the $SPX doesn't take out the Feb lows, then this is only a pullback, ahead of window dressing season. 

$SPX - I just pulled up this chart at random. Watch the 4200 level.  

$SPX Short term support looks like 4222, looking at the st chart located in the public charts area. 


As far as Wheat goes: Strong sell 

Oil looks much the same, but oil isn't as thinly traded as grains, and such, no not quite as insane. 

Good luck next week, AA 

No comments:

Post a Comment