I started this update on Saturday, before getting bogged down in technical issues, and paperwork.
I'm also working on the creation of a Weekly News Letter, after finding out that bloggers follow-by-mail widget went away, in April, of 2021, so don't be surprised when you receive an email from me.
You can signup for the weekly news letter through the link in the tab menu, or at the bottom of the page. Let's keep in touch! I'm not sure if I'm going to continue blogging on this site, or move somewhere else, but I'm just getting started!
Monday Morning 10/10 Columbus Day
Of course trading is going to be slow, on this, another banking holiday.
Going back to the beginning of last week: There was no Black Monday, just as I had predicted there wouldn't be... in last Saturdays weekly wrap-up.
Last week's trading was a little unpredictable, due to the Jewish holiday, which I eluded to, in another update. Instead we saw a powerful rally, followed by a gap up, on Tuesday - short covering just ahead of Yom Kippur.
From there the market went quiet for a few days, and as it turns out, a little too quiet, because in hind sight, when traders returned on Thursday, they were already planning to take the market back down...
Friday we energy continue to rally, while most other sectors were taken down
Of course tech was taken down the hardest, as usual.
Funny, the lame stream media always refers to the market, as a whole, and likes to show heat maps like the one above on big down days, yet it's mostly only been a handful of tech stocks, and other junk, that not only led the ridiculous rally of 2020, but have also led the declines, of the past 2 years - Zoom, Peloton, Shopify, Spunk ($SPLK), and even names like $MMM, to name a few. Let's call this the pump 'n' dump basket, because that's exactly what it was.
In fact entire sectors were pumped and dumped. You don't hear about, "streaming wars", or the "vaccine manufactures" anymore.
I could show you literally 100's of stocks that have led the declines, and 1000's more that haven't. This is a bifurcated market.
Speaking of beaten up tech stocks
I'm going to offer you 1 chart, and your homework is to do a web search on the candlestick analysis....
$COMPQ (weekly view) - A Gravestone Doji - and your homework is to do a web search on the candlestick analysis - and you'll find that this is bullish as hell, as I've been saying for weeks.
It's just a shame we have to spend days/ weeks waiting for sector targets on $SOX, and whatever else, before we see the inevitable rally into the Nov Election, and probably the end of Q4. There's just no other reason they would be trying to shake everyone out, with fake news, and even talk of nuclear "Armageddon". These are sick people, can't even get their terminology correct!
See:
The Real Difference Between the ‘Apocalypse,’ ‘Armageddon,’ and ‘Doomsday’ lifehacker.com
There will eventually be, what I jokingly, like to call the "Armageddon trade", but not for some time.
For the time being, there's really no other trade than to sit on your hands, and add on any further weakness.
Hey, that reminds me! I'm still sitting on a little cash....
Gotta run, AA
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