Market Update 12/1/2022 - Reviewing Yesterday's Tremendous Relief Rally - The best trade we've seen since Oct.

 Well, that sure was a nice relief rally, and a welcome relief to the seemingly endless sideways market action we've been seeing as of late. 

Although you don't see the lame stream media celebrating, this was the biggest upside move - in equities - that we've seen since Oct., and on heavier than normal volume! 

The Dow rallied 1000 points off the lows of the day, while the NASDAQ rallied 4%.   

$UDOW - 2X Dow Bull - biggest white candle since Oct. - up 10% 

How did I do it? 

Same way I've been doing it for the past 10 years...

This was actually an easy call, after drawing up a simple chart, yesterday morning, and getting the word out, ahead of Powell's speech.

I haven't even been paying very close attention to the market, as I've been busy with a side project, and even yesterday, I wasn't on line much, but things just seemed to line up perfectly.  

I was gone most the day, but I checked in around lunch time, and here's how things played out: 

If you were watching what was coming out of the pre-planned fed event, then you also got a glimpse of what I was eluding to in yesterday mornings update, when it comes to the leftist, optics of inclusion, which the market did not appreciate too much, as I tweeted, in real time. 

The market was waiting for Jerome Powell to speak, and what it got was a political sideshow

Market was expecting a Powell speech. Instead... it got this. #TheFed https://t.co/bSYYS9MImc

— Veteran Market Timer (@3Xtraders) November 30, 2022

Shortly after that nonsense, I called a "double bottom", and before you know it, we were off to the races, and squeezing the short sellers right into the close.  

Noon CST 

Looks like a double bottom on the $SPX market futures BTW pic.twitter.com/K3nmofzORQ

— Veteran Market Timer (@3Xtraders) November 30, 2022

Looks like this rally, has a little life left in it, but like I said yesterday, "you want to buy the dips, and sell the rips". 

Take the money and run, 

AA 

P.S. Notice how Chinese markets continue to gap up every day, as the corrupt main stream media continues to confuse investors with all kinds of negative news stories? Unbelievable! (3X China Bull) $YINN was up another 12% even before Powell's speech!  

 

  

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