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Friday, September 16, 2022

Market Update 9/16/22 - weekly wrap-up

 I should probably wait until after today's trading session to wrap-up the trading week, but I don't like working weekends. If it becomes necessary, I can always add a second update, but I think we're seeing a reversal this morning.

Today, I'm giving away free charts, so if you have money waiting to be put to work, this could be your lucky day! 

I've already had another excellent week, as it turns out! 

It was one of those rare moments when you get it perfectly right, and like I said on twitter... 


And this:

And the rug pulled out on the Oil trade 

This morning

 Many of you are probably asking, "what triangle"? 

This Triangle! You see, I've been doing this so long, that at this point, I recognize chart patterns instinctively. I no longer need to draw them, although many times I still do, but this one was obvious. 

It's called an ending diagonal triangle. Don't forget it! 


I like gold in my pocket, but I also like the gold trade here 

If you were paying attention yesterday, you should already be long 

The reversal on a st view, this morning 

Yesterday, I was watching the chart chick on Bloomberg talking to some idiot about the $VIX, and they were trying to spin some tall tail about why the market could crash, yet the $VIX could stay down around the 30 level? Total lie! These people are looking for a 20% sell-off on the $SPX, and obviously have skin in the game! I'll give chart chick the benefit of the doubt, and say, she let this shark come on her show, as a personal favor, but I'm sorry I even turned the sound up to listen to that garbage.   

I'm not going to make a prediction on the $VIX, because it's better to trade the market you have, than the market you want, but I know exactly where the $VIX is going in a 20% market correction, and it ain't gonna look like 30. Try 34, 35, 36's, $VIX 62.50, even....! 

But there's just absolutely no fear in this market, when the $VIX ends the day up only .42%, as it did yesterday. 

Take care, and have a great weekend! 


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