Wrapping up another crazy trading week:
I started this update Friday morning, but then came the bombshell Jobs number, which was used as the latest excuse to take gold down. Thankfully I was already short gold.
To recap:
1. Called the top on gold - in real time - the day before...
#Gold update - 5 min view pic.twitter.com/AL9aLuhy1N
— Veteran Market Timer (@3Xtraders) August 4, 2022
2. Took profits the very next day, after we took out my pullback target
Took profits on my gold shorts. Surprised I didn't make more on that trade 😧
— Veteran Market Timer (@3Xtraders) August 5, 2022
Get the scoop on the gold (update) page, located in one of the top menu tabs.
Don't be like the gold bug below, asking me stupid questions about gold
The Wall of Shame
Gold was up again yesterday. Are you even watching gold? #BLOCKED
— Veteran Market Timer (@3Xtraders) August 5, 2022
The above trade, along with everything else we've been watching - including Natural Gas and Oil/ Energy - combined with the insomnia I continue to struggle with, caused me to accidentally delete the update I was simultaneously working on, and by mid morning I was pretty much, already, spent. At least I got a nice long nap in, in the afternoon. Exactly what the doctor ordered!
I started to take a closer look at the charts - with a fresh set of eyes, after dinner, Friday evening, and one of the best tips I can give you is to chart often, but not for longer than a couple hours at a stretch!
I think most traders are not willing to put in this kind of effort, but this is what helps keep me one ahead of everybody else.
If you believe zero hedge, Pro traders are struggling in this market environment?
JPM Trading Desk: "Frustration Everywhere; Traders Feel Like They Can't Get Anything Right" https://t.co/S7zsLno4FY
— zerohedge (@zerohedge) August 3, 2022
I don't know if that's true, but I'm finding zero hedge, to NOT be what they used to be. The seem to be more interested in eliciting an emotional response, than uncovering hidden truths.
I don't believe traders are the least bit confused, when the market is such an easy read.
- Low summer volume
- A declining $VIX
- A market that continues higher, basically in a straight line
Picking up from where we left off in the last update
Wed: We saw the $VIX breakout on Pelosi's - in your face, China - Taiwan visit.
Thursday we saw the crooked hedge funds hammer the $VIX right back down, and squeeze the short sellers.
$VVIX (The $VIX of the $VIX) Hammered at the 20 day moving average. This type of blatantly obvious manipulation of the $VIX has become very routine, and especially when heading into a Friday.
But wait there's more!
$VIX 10 min chart. You can see where the $VIX was punched down at res.
$VIX remains contained, after being hammered down again yesterday. pic.twitter.com/FqgMKPFKEw
— Veteran Market Timer (@3Xtraders) August 5, 2022
I think what these geniuses who continually short the $VIX lose sight of, if the bigger targets, and the $VIX testing the 200 week moving average is kind of a big deal!
Could the $VIX continue to be hammered down, on light summer volume? Sure, and I already have a couple targets on deck. It looks like they are planning to drive the $VIX below the critical 20 number, which will no doubt trigger more buying.
But in the meantime $VIX 22.50 is the level to watch!
I'm out of time.
I leave you with this bear flag, I spotted on the financials chart Friday evening
The setup for next week looks #bearish/ #bullish pic.twitter.com/I2PQQbwgYd
— Veteran Market Timer (@3Xtraders) August 6, 2022
Be sure to catch my meme stocks update, also blogged over the weekend!
Take Care, AA
No comments:
Post a Comment