Today's update may seem a little busy, but I got a lot on my mind, and I'm a little short on sleep.
We're looking at a pretty dismal looking Futures Market, on this Monday morning. Looks like a coordinated take-down of Bitcoin, and Ethereum.... and that doesn't surprise me, one bit, after Max Keiser himself, invited me to chat on telegram, over the weekend.... As you may, or may not know, I'm a long time fan , of Max, and I've linked to several of his YouTube videos.
I warned him several weeks ago that he has a target on his back, which I'm sure he already knows..!
It's a setup @maxkeiser - the banks want your hide pic.twitter.com/TUZnW7e7sL
— Veteran Market Timer (@3Xtraders) March 25, 2022
Max has a new Crypto venture he's been working on, and you may want to check that out, if you're interested in that market, and I receive no compensation for mentioning it.
In case you didn't know it, I closed down our private twitter feed @3XTradersLive, until further notice. Thanks to everyone who signed up for the first month! Even though I got the market direction correct at nearly every turn, over the past few weeks, and I even called out several sector rallies...; there just doesn't seem to be as much interest in timing the broader market, as there used to be. I'm not really sure what the deal is with that, but I suspect that because there's so much interest in meme stocks, Crypto, and FX markets, there's less interest in trading the boring #SPY, and I find myself branching out into alternative markets more and more lately. myself.
It's hard to get a good idea of just how popular these alternative trades have become, but I'm seeing Crypto updates on YouTube getting over 70k views in less than 24 hrs, and I should probably dust off the YouTube Channel, and start vlogging updates there!
To be honest I've always known Crypto is a scam, but that belief has caused me to miss out on 10000% gains. That's a missed opportunity to trade, whether the market has any real value or not. I time markets, not based on valuation, but the direction of the herd (psychology), and other metrics.
Another reason I shut down the private twitter feed:
I don't really have the patients to a lot of hand holding, or micromanaging trades, but there are plenty of services already doing that. I pretty much like focusing on my own trades, helping others when I can. I've also been looking into affiliate marketing, and I think that could be a good way to point new investors in the right direction, while making a few extra bucks myself.
2. There are so many new technologies popping up, that it's hard to stay on top of them. From stock screeners to Robots (algorithmic trading programs/systems)
3. There are a lot of get rich scams, and sharks in the water, and that pretty-much goes with the territory, and I want no part of that! I'm not going to recommend something I don't fully understand, and don't feel good about, and I prefer to check it out myself, before recommending it to others. That's called "integrity".
In fact I have a line on something exciting, I hope to be able to share with you shortly!
The Broader Market
At this point I can pretty-much time the $SPX with one hand tied behind my back, and the target I laid out last week, and the week before, was to remain bearish until the $VIX snapped back.
Just last week, on Monday June 6th, I told my paying members, that we were "watching $VIX 25, and 26, support. We're not out of the woods as far a fear is concerned. Not by a long shot."
And here we are already pushing above $VIX 30 again.
As I said on Friday, "I don't see the selling looking anything like we saw in May, and this still looks like a retest, or a back-test, or just another Monday morning shakeout. I pulled the trigger on some sector stocks on Friday, and I'm not the least bit worried... and that's because the $VIX continues to trend lower - after hitting 36.64 in May.
Of course reactionary investors are going to be freaked out when they see futures down another 2% this morning, but futures don't always matter, and nobody in their right mind is going short ahead of a fed announcement.
Energy
We're not seeing much of an unwind in Energy stocks, yet I think we can confirm the reversal, and that's gotta be weighing on markets, now that "there's no safe place left to hide". Seems like everything is down, except for the $USD, and that's what normally happens in a deflationary environment, not inflationary. It seems like the fed is more interesting in defending the $USD, than taming inflation, and this is why they need to destroy Crypto, and manipulate the gold market.
BitCoin
The time to get out of Bitcoin was when the $28k level broke, and I could see it going as low as 11k. I wouldn't be tryiung to bottom pick here!
I remember being to stupid to cut my losses.... seems like yesterday #Bitcoin #bagholders #BitcoinCrash pic.twitter.com/HN1kwMoz41
— Veteran Market Timer (@3Xtraders) May 11, 2022
I've already run out of time, and seems like I was only able to scratch the surface.
Catch you later, AA
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