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Tuesday, July 19, 2022

Market Update - Technical Tuesday - 7/19/2022 - Fast Money Strikes Again

 Seeing market futures back to normal this morning, after yet another Monday morning surprise.  

 Reviewing yesterday's action: Several markets, including natural Gas, were driven up to the 200 day moving average, and sold.

This was the first thing I noticed at the open, and if you follow me closely on Twitter, you saw like half a dozen charts showing that, including this one! 

Russell 2000 ETF 


I happened to catch CNBC's fast money halftime report, and  it soon became obvious, they were pushing another false narrative, as they reported that "the NASDAQ does something that is hasn't done since (whenever/ pick a date)... breaking out above the 50 day moving average", and of course, all the guests happened to be long the NASDAQ. You can't make this shit up!  

This isn't the first time in recent memory that the NASDAQ has tested the 50 day. In Fact the last time.... was just 7 trading days ago! 

2. The $VIX was higher, as the market opened - red flag.

3. The NASDAQ was sold as the 50 day moving average broke, proving the bearish prediction I made over the weekend, was the correct one. 

I did tweet on Friday, that this rally "may have legs", and at least 1 contrarian indicator liked that tweet, but in no way can anyone confirm a bullish reversal. 

Fast Money Tries To Pull A Fast One

These Fast Money clowns no doubt sold as soon as their midday show was over, or the 50 day ma, broke, so you decide if they were actually short the whole time, or just trying to manipulate the NASDAQ? I'll leave that up to you, to decide. 

 No doubt every one of these fast money clowns knows that unless the NASDAQ can break out to a new recent high, the trend is bearish. Again, you decide... 

Let's expose these Fast Money Clowns so we know who's not to be trusted in the future:

Joey bag-a-donuts Terranova 

Steve Weiss - seen below pumping Peleton near the end of 2020


Scott Wapner - Host of the Fast Money halftime report  

Final thoughts on the NASDAQ and tech 

$COMPQ NASDAQ - 30 min chart - the trend is your friend, not the people at CNBC 


In case you missed my weekend wrap up, which included a comprehensive Gold update: 

Weekly Market wrap-up 7/16/22 SPY, China, Natural Gas, Energy, Financials, Gold Miners, $VIX

 After my recent updates on Gold, I see a lot of idiots pumping the gold trade on Twitter, and no doubt retail investors are panic buying, so be sure to use limit orders...! 

Have we seen the bottom in Gold? Go re-read the 2 most recent updates...   

Market Update 7/15/22 Currency Collapse Likely? Red Flags! Gold the next safety trade?

Weekly Market wrap-up 7/16/22 SPY, China, Natural Gas, Energy, Financials, Gold Miners, $VIX

That's all I got for now.  

Good Luck, AA 

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