After last weeks little shakeout in Energy, we're seeing Oil and Energy, and even Natural Gas bounce back.
As you probably know by now, Canada is the canary in the coal mine, no pun intended. I used to be able to chart coal... until stock charts did away with the index.
Canada: Continues to trend up even after last weeks bear raid.
1. First chart shows where energy was taken down, with Canada, and even Bloomberg finally reported that Canada has been holding up, thanks to the commodities bubble.
This morning: Oil is leading the energy sector, as I predicted it would, yesterday afternoon.
Raising the Oil target to $85 pic.twitter.com/V9J1KQuJ99
— Veteran Market Timer (@3Xtraders) May 3, 2022
At this rate it could be July. or even August, before the market corrects, and this is just another good example of why you need to go with the flow, rather that try to predict timelines.
One thing I have learned covering this energy rally, is that money is methodically being put to work in Oil, and then Natural Gas, regardless of demand or weather, or Russia.... and this is helping to drive the entire energy sector.
Oil vs Natural Gas
Another thing I've learned is that one sector is pumped and dumped, and then another sector.
Energy vs Tech
This is why Jim Cramer always says, "there's always a bull market somewhere".
Pump n' dump tech stocks, and then do the same in the energy sector.
I'm not sure how long they can continue to keep the shell game alive, but I suspect this has already been going on for a very long time, and it will continue a very long time!
They only waited to sell Tech in 2022, in order to defer capital gains tax... so they may not sell Energy until 2023?
One last thing: Did you see my target on Amazon taken out last week?! Monster call!
#Amazon $AMZN takes out my target. Reverses to close in the green 👏👏👏 pic.twitter.com/lZcdjD1lCP
— Veteran Market Timer (@3Xtraders) May 2, 2022
Take Care, AA
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