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Thursday, July 28, 2022

Market Update 7/28/22 - regroup after yesterday's fed announcement, and booted off Twitter, yet again!

 Can you believe it's almost August already?! By Sept., we should see trading pick up, but we're still in the summer doldrums, and we haven't really seen a lot of movement, even looking at yesterday's relief rally.  

$SPX (30 min. view) - rallies to the top of an apparent broadening (expanding) triangle pattern. 

$SPX (15 min.) - This chart shows much the same thing, and it could even go a little higher, based on the wave 5/C target, I predicted earlier in the week. 


No doubt, some folks were caught totally off guard by this rally, but I tried to warn people earlier in the week. 

But wait there's more! 

Here I am trying to warn the idiotic retail short sellers, who continue to be sucked by an army of bots, liking even the most ridiculous charts (256 likes on this junk)!  

It seems like I spent most the day yesterday, blocking bot driven accounts, and even a couple followers. 1, who asked me if I was short... I don't even know what position he was referring to (NatGas perhaps), but if you're asking about my position, that's something a troll would do, and I don't need you. 2. The second person I blocked was retweeting 5 minute oil charts, that were expired (5 hours old). If you aren't smart enough to look at my time line, and see that the intra-day Oil chart is being continuously updated, then I don't need you distracting me with retweet alerts on old material. 

To be honest I think I'm about done with Twitter

Yesterday afternoon, just ahead of the fed... I actually got booted off Twitter again! This was the second time in a week, and for an tweet that was 4 days old! Someone is after me, for questioning the Covid-19 vaccine. It could be someone who simply has a personal vendetta against me, or it could be someone who works for Pharmaceutical Industrial Complex, but one thing is for certain, the Brownshirts who control the narrative, march in lockstep with the .gov agencies, and big pharma. 

Tweeted moments before I was booted by Twitter:

 Don't question the vaccine, just take the jab like a man! 

Twitter obviously serves a purpose, even Elon Musk recognizes this, but he's dead right when he talks about freedom of speech being an issue. The days of standing on a soapbox in the public square are long gone, so the argument that "Twitter is a private company", so they can do whatever they like, doesn't hold any weight. Twitter is the public square, and since science is mostly based in theory, the science is debatable/ questionable.     

Getting back to the trade

Yesterday's pop - after the fed announcement -  was kind of extraordinary. I didn't see much movement, until Powell started talking, and I believe he said something like, "we will be pausing rate hikes at some point  in the future", paraphrasing what I think I heard coming from the idiot box (television). Anyhow, it seems that this statement must have triggered some algorithms, which picked up the words pause rate hike, or "one more rate hike". Again, I'm not really sure what I heard, because I was more concerned with the beef jerky I had in the smoker, and a rain storm moving into the area, and then I took a nap about the time Powell stated talking. 

On final note:

What was incredibly unusual about yesterday's rally is that we didn't see the $VIX fall off, as we normally do, after a FOMC announcement, and that is a huge red flag!

The $VIX was body slammed below the 23 level, but it continues to trade above last weeks low. 

I'm already out of time, so I'm not even going update the other half dozen sectors I'm trading, but you should keep an eye on the $WSLH chart, and the $VIX. 

$WSLH - Wilshire 5000 (60 min. view) - Looks like another expanding triangle pattern. Could be a wave 4, or only a wave A. Of course you'll need to know a thing or 2 about Elliott Wave Theory, or at least pattern trading in order to anticipate what comes next, but it looks like we could remain stuck in a range, well into next week. 

 Good Luck, AA 

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