WOW, what a morning! I had some kind of catastrophic computer crash, at startup, and didn't think I was going to be able to get window to load, but here I am....
The market continues to trade like crap, as predicted a week - or so - ago - but I wan't to point out why it can't correct, until the controllers allow it to correct, and the timing probably has something to do with the options market, as usual.
$VIX - Continues to be hammered below the 50 day moving average.
Funny, I see otherwise intelligent people on twitter, claim that the market has "shrugged off", this, or that, when it's so obvious, that the market is once again, being manipulated on light summer volume.
As usual I'm not going to help the crooked hedge funds, by offering predictions or targets, but I just wanted to show that the market is being walked like a dog.
$NYA (NYSE) trades into a little upturned triangle pattern. You won't find this on the $SPX chart.
As far as the Energy trade goes, I don't have a problem offering plenty of charts, and predictions, as I continue to do on my regular twitter account all day long.
$XOP breaks out above the top of the channel, in what looks like a parabolic rise, to most traders.
This is exactly what tech did, so this could continue for a little while longer.
How much longer? I don't know, but I would expect another retest of the highs as soon as this morning, and maybe the momentum can carry it a little higher, into yet another manipulated, weekly, Options Expiration Friday.
Throw-overs, and shakeouts are routine in commodities based trades, and more traders don't have the stomach for it.
$NATGAS - retests the highs for the 3rd time. Think it can't hit $10 on light summer volume, now that the short sellers away, at their summer homes?
Of course it can... and it can go even higher than that! Look back at the short squeeze in NatGas in 2005!
Imagine being short #NatGas in 05, when it broke above the right shoulder target. That's what parabolic looks like! pic.twitter.com/QFjFl1S7C0
— Veteran Market Timer (@3Xtraders) June 7, 2022
Oil drillers have only bounced back to a lower high, as has oil, and since all the hedge funds are talking up oil, that can only mean one thing; they have been unloading their energy holdings to the retail investor. I mean, where were these hedge funds encouraging the retail investor, when oil contracts traded to below 0?
$OIH (oil drillers) trade into a complicated bearish consolidation pattern
Updated - a 50% retracement of the crash pic.twitter.com/2UaioVL8r9
— Veteran Market Timer (@3Xtraders) June 7, 2022
I think the thing to watch is Brent crude oil futures, which is trading in a nice parallel channel, unlike Texas crude.
Take care,
AA
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