Wednesday, January 25, 2023

Market Rally Still Looks Tired To Me

 This Market Rally looked tired last week, and it still looks tired. 

See Last Wednesdays Update: 

Market Update - Hump-day - Wednesday 1/18/23 - This Rally Looks Tired

We're still seeing some speculative plays squeezing out some short sellers, as was the case in yesterday's top gainers... $PYR, $GROM, $AXLA, and several others. 

$GNS for example - obviously an engineered short squeeze. 


Related Story from CNBC 

Today's Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday CNBC

Those are huge profits for the Hedge Funds who are behind these kinds of moves! 

Speaking of Market Manipulation 

I suspect that was the real cause of yesterday's so called "System Issue", which caused trading anomalies at the NYSE. 

Related Story - Yahoo Finance 

NYSE Investigates Technical Issue That Caused Wild Market Open


Funny, I watch a lot of financial news, but I was totally in the dark on the situation, until I figured it out on my own, several hours later!

 I didn't notice anything amiss when I loaded Think or Swim, in the morning, but by later in the day I could sense that something just wasn't quite right, and decided to start checking on some heavily weighted names in the $SPX.

 What I found were some wild swings, and tests of the 50 day moving averages, followed, by panic selling.

 I suspect algorithmic trading programs - which are already being primed to take the market down, were prematurely triggered. 

Kudos to Fast Money's Guy Adami, who also suspects that something "nefarious" is going on! 

The market isn't acting right, and anyone who's fool enough to remain involved, deserves whatever may come, next.... 

Watch Microsoft - it was up 5% in after hours trading, but this morning it looks like it wants to lead the way lower.

As if things were not crazy enough the Doomsday Clock as been moves up, as Germany gives the go ahead, to supply Ukraine with Tanks. 

 Related from Barrons: 

Doomsday Clock 



 




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