Something is wrong with this market
I'm talking about the broader market: I really noticed it last week, when I tweeted -
Is it a holiday in the UK, or something; why is this gd market so slow?!
— Veteran Market Timer (@3Xtraders) November 3, 2022
But I first noticed how the $VIX has been continually hammered.... most recently back below the 50 week moving average, a couple weeks ago. That's another level to watch!
In yesterday's update, I gave out some $VIX levels to watch, which I really don't like to do, because it takes several chart views to even attempt to time the $VIX, and I don't plan to update the $VIX again - any time soon.
I do believe that, "the powers that be", are using the low $VIX to load up on bearish Options bets, ahead of November Options expiration - less than 2 weeks away. That's more than enough time to wrap up the correction, I've been predicting.
But which market is going to correct? The market is still very much bifurcated.
We still see money hiding in so called safety trades, even when the $VIX comes down.
$VIX continues to plunge. Not sure why investors continue to pile into safety trades. Dumb money
— Veteran Market Timer (@3Xtraders) October 28, 2022
The Dumb money used to hide in the tech sector, now it's hiding in the energy sector. It's not hard to imagine how this ends.
A couple things I'm watching on the Energy charts
1. New 8 year highs on several indices, as I pointed out - on Twitter - yesterday
2. This short term view of the $XOP - should be pretty self explanatory to experienced traders
a. The top of the pattern. b. The stop hunt at 158. c. The next stop hunt around th 152 level.
I expected to see a bearish engulfing candle yesterday, after the doji reversal candle, but didn't get it.
Speaking of the dumb money....
Natural Gas
Remember when I was bearish NatGas? I'm sure you do... because it wasn't too long ago, when it was trading at $10, and I was predicting $5.
Well speaking of the dumb money, we're supposed to believe that retail investors piled into Natural Gas on yet another, "Monday Morning Surprise", just because cold weather is being predicted in November? Duh!
What's funny is NatGas was up over 11% at one point, only to see the gap fade trade finally kick in in the afternoon.
Huge swing trade for who ever engineered it; or even if you were charting it, and trading it in real time! Up 11%, before rolling over and giving back 7%
#NatGas 6% off the highs of the day 😅 pic.twitter.com/xYSHWprJ7o
— Veteran Market Timer (@3Xtraders) November 7, 2022
I'm not giving away any free NatGas targets, but I can tell you the 22.2 level on the $UNG is the top of the range
$UNG 1 min view
Getting back to the broader market
This morning we see futures up. They're actually about UNCH (unchanged), but technically green.
I find this important, because there's no other reason for futures to be held up, unless it's being manipulated, ahead of the election results, or could it be that they are holding the market up as the international globalists attend the COP27 Climate Summit?
‘A Reason to Act Faster’: World Leaders Meet on Climate Amid Other Crises nytimes
Stronger Together For Implementation? Smells like fascism to me.
A blood moon passed this morning:
Is this going to mark some change??
I'm a big believer in signs, so I think it will mark a change in direction, or turning point.
You have a lot of Hedge Fund managers, who seek out astrologists, in order to advise them on their trades....
I can't say I believe in Astrology, but many of the folks who predict things are also psychics, and I can't entirely dismiss it, out of hand. Plus, if you have enough people believing the same thing, this can trigger a form of mass hysteria.
Top google search result for an explanation for what this blood moon may mean, although I'm sure there are plenty of other interpretations...
Full Blood Moon Total Lunar Eclipse in Taurus Is Bringing Radical Transformation belatina.com
The only other weirdness I'm seeing this morning
That's all I got today, but if your interested in more technical (type) analysis, you can check out yesterday's update.
Market Update 11/7/2022 - Did The Market Get It Wrong?
AA
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