Awesome - windows booted up this morning - no problem - after yesterday's technical problems. This computer has some age on it, but I'm still holding out - for an upgrade - until chip prices collapse, and speaking of semiconductor chips...
In the last update we were analyzing the crazy news cycle, and I recognized that Pelozi's Asian tour, was near the top of the list... and we sure didn't have to wait for long for that story to blow up!
No sooner that I posted my weekly update, Monday Morning, we saw a breakout on our fear gauge the $VIX!
Aug. 1, 2022 9:28 am ET Pelosi May Visit Taiwan Tuesday. The Stock Market Is Dropping barron's
Of course after Pelosi landed in Taiwan yesterday, the $VIX was sold, and this is how I knew - with a high degree of certainty - that futures would bounce back this morning.
Market Futures higher as predicted.https://t.co/IBz9vbnfcK
— Veteran Market Timer (@3Xtraders) August 3, 2022
$VIX st analysis - $VIX poised to sell-off, points to a higher open for equities.
I'm not suggesting any of you should attempt to time the market using a 10 min. $VIX chart. This is something that takes a lot of experience, and years of practice, and reading the $VIX correctly is half the battle.
Pelosi touches down in Taiwan, and semiconductor stocks rally to new recent highs
That pretty much tells us all we need to know about Pelosi's Asian summer, and no doubt this is the catalyst that caused SOX to breakout, weeks ago.
And here is the bombshell story most other media outlets either missed, or more likely, are avoiding, in order to make Pelosi look like she only has America's best interest at heart!
Nancy Pelosi’s husband buys millions in computer-chip stocks before big subsidy vote nypost
It would've been nice if the lying Main Stream Media would have reported the truth about Nancy's trip, but in hindsight, you should have known good news - and insider trading - was already being baked in, and this is a great example of why you never want to fight the trend. When you see stocks break out, you can rest assured, either the bad news has been priced in, or good news is coming.
$SOXS (3X leveraged $SOX bear)
This #Pelosi #Taiwan trip was obviously planned weeks ago
— Veteran Market Timer (@3Xtraders) August 2, 2022
This is the Semiconductors Leveraged Bear ETF pic.twitter.com/XCq0KfnPry
Paul Pelosi purchased on June 17, 20,000 shares of Nvidia, a top semiconductor company, worth between $1 million and $5 million, the Daily Caller reported, citing disclosure reports filed by the House speaker.
From Pelosi, to the Clintons, to Bernie Sanders, and yes even Trump, they all continue to line their pockets, at your expense. These people are all long time friends, it's only an illusion that they don't see eye to eye.
I wish I could insert a slide show here, but use your imagination, and cue the sentimental music:
Nancy Pelosi makes millions off tech stocks – and scoffs at push to ban congressional trades nypost
Given the light volume, and the lack of sellers this time of year, I think the market can continue to push a little higher, and these kind of bear market rallies, tend to continue a for a lot longer than you would expect. You really want to see everyone get bullish, at a major top, and I think we're just not there yet.
I could be wrong, but this is looking a lot like a Primary wave "(2)" to me, so do whatever you have to to prevent from catching a falling knife in a devastating wave 3.
Not liking this EW Count at all. I'd start scaling into a short $SPX position #ElliottWave pic.twitter.com/s5BzwRWSVZ
— Veteran Market Timer (@3Xtraders) August 2, 2022
I suppose we could be looking at a mid August timeline. We've seen August swoons in the past.
Otherwise we may not see the collapse until Sept, when volume starts to pick up, and hedge fund managers return from summer vacation.
GL, AA
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