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Tuesday, September 20, 2022

Market Update - Oil trades into the Danger Zone

 Before I get to the Oil trade, can you believe how they rushed in and bought the dip, at yesterday's opening bell? I can, after pointing out the bullish setup, for stocks, and the real reason why the $VIX remains so low.... 

Financials even led... as predicted.

Was that the bottom in equities? Probably not, since we haven't seen the target taken out on the $SPX, but you just never know. I don't like that the already bloated energy sector also led.  

My feeling this morning is that if markets aren't going to price in a 1% hike, then the fed announcement may be sold, in another taper tantrum. Another, "sell the news event", possible.    

Maybe I'm not thinking too clearly this morning, after so little sleep. I think the insomnia could be a seasonal thing, but I am a little concerned with the market action. 

Getting to my warning on the Oil trade: 

In one of my most recent updates I mentioned Carter Worth, but I failed to mention that he, and the rest of the fast money guys, are all bullish Oil, and energy.  

I'm going to show you why I'm nervous about what they are seeing in the Oil charts  

I already pointed to this one twitter, this morning 

 What's wrong with that chart? The black trend line, isn't valid.  

Why the warning? Because there's fast money already buying that bogus trend line, and, "fast money in, fast money out". When their black line breaks, they are going to know exactly what to do! 

Without giving away, my targets on US crude oil - and that's why I'm only showing the BRENT chart, and an incomplete chart at that - I think Oil could easily sell off another 10%  

Something I just realized is that BRENT closed yesterday at exactly $92, and I think that's not a coincidence!  

I have more charting to do! 

And if you're trading crude oil, then you need my charts! $100 gets you, all you need for 30 days. 

If you need targets on anything, I have the charts you need. 

In the real news, 

We're currently fighting a proxy war with Russia, and making military threats against China, but in order to please his base, Biden is simultaneously weakening US Military. Of course that story will never be reported. 

House Democrats push Biden to unleash even more emergency oil


1 week ago

U.S. emergency oil reserves tumble to lowest since 1984 Reuters

16 hours ago 

U.S. to sell up to 10 mln bbls of oil from SPR for Nov. delivery Reuters 

Fake News 

Stock Market Crash News 

Dow's 500-point crash usa today

Yes you read that right! 500 points trimmed off the Dow, is being called a "crash". That's over the top, on the overly bearish sentiment indicator. 

I've never seen so much stupidity, and dishonesty in the media; in my entire life! 

Take Care, AA 

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