EOY Rally Fizzles is the headline being pushed by gloomberg this morning, even though the NASDAQ, and even the Russell 2000, managed to end up yesterday, and stocks were mixed. Just goes to show; most everything that's reported, on a daily basis, is worthless....
We did see a gap fill on the $RUT, and the Russell ETF ($IWM) was immediately sold at the 50 day; if you care to do some charting this morning, that's an interesting study!
Bloomberg continues to push a strong EURO narrative, while trying to talk down the $USD; that caused me to take a closer look at currencies this morning.
$USD down, stocks up, seems to be the recent trend (since Oct.) Makes sense right? A weak dollar, makes the market look like it's going higher?
I got the direction on the $USD #DXY wrong, last week. Get's harder to remain bullish here pic.twitter.com/0gX47F4p1I
— Veteran Market Timer (@3Xtraders) January 9, 2023
This reminds me of Gloomberg reporting just before the end of the year, that if you were investing in the DOW, valued in Pounds, that the DOW was actually higher, for the year.
Dow Jones United Kingdom Index GBP
What this tells me, is that this rally is all smoke and mirrors, and that may help explain why the DOW was seen, leading, a rally, going into the end of 2022. This also explains why Bloomberg was recently reporting this as a normality, even though, the Dow doesn't normal lead.
Also may help[ explain why we were seeing #DowJones trending in social media. Sharks in the water.
Face it, nobody follows the Dow, except for Joe Sixpack, and the lame stream networks like Fox Business, and CNN.
Bombshell!
This brings me to a story I've been saving, since Oct, 2022, when Fast Money got on board with manipulating the DOW (trade), and that led me to so some investigative work.
CNBC's very own Christopher Verone August 15th, 2022:
Investors should be looking at Industrials, says Strategas’ Chris Verrone cnbc
Is that the face of a criminal? I'll let you decide...
In the same Update Verrone predicts $HES will lead the rally, and here it is making new highs
$HES
$COP also seen making new all time highs...!
Meanwhile Federal Reserve Members Continue to talk:
1. James Bullard (last week)
2. Mary Daly Yesterday
3. Chairman Powell today
$SPX Targets
Yesterday's rally was sold at $SPX 3950 (res.), and is now trading back below the 50 day ma.
If it can regain the 50 day, the next sell target is a gap fill at the 200 day moving average @ 3995 (3993.09).
In an update last week, I said I hadn't made a trade in 2023, and that's true, but I did have long trades from 2022, that were still working, at yesterday's open.
I used yesterday's Monday Morning Surprise as an opportunity to take profits, as I tweeted, in the morning.
I took some profits on the long side, and added to shorts, after drawing some trend lines this morning. We'll have to see what happens on this mornings gap fill on the $VIX . Must have popped at the open, for a reason. 🤔
— Veteran Market Timer (@3Xtraders) January 9, 2023
Good Luck,
AA
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