Well, we saw quite a little reversal confirmed yesterday, around the time that it was disclosed that, fully vaccinated, and boosted, Federal Reserve Chairman Jerome Powell, has contracted Covid.
Federal Reserve Chairman Powell tests positive for covid. May explain why the $VIX popped yesterday. #TheFed #FOMC #News #Breaking #Stocks https://t.co/gZe9Ddtr1y
— Veteran Market Timer (@3Xtraders) January 18, 2023
What amazed me is how quickly, CNBC, and Bloomberg, buried the story
#CNBC and #Bloomberg instructed not to report any bad news during Davos? You decide... #TheFed Jerome Powell tests positive for covid. Crickets
— Veteran Market Timer (@3Xtraders) January 18, 2023
Meanwhile the lame stream media fails to report on excess deaths...
Related Story:
BBC criticized for letting cardiologist ‘hijack’ interview with false Covid jab claim theguardian.com
If there is a #vaccinegenocide in progress, thankfully I avoided it. Sorry to those who trust the government to take care of you.
— Veteran Market Timer (@3Xtraders) January 18, 2023
Excess deaths are soaring as health-care systems wobble www.economist.com
Getting back to the market
I think I know who's behind the selling
The usual suspects
Did he mention the 50 day ma, and 3900 (3911) support? $SPX Haste makes waste, fast money pic.twitter.com/vBywuy0fu6
— Veteran Market Timer (@3Xtraders) January 18, 2023
I have a lot more to say about the bull case for metals, and miners, and the fast money crew using the NBC/CNBC network to pump their own positions, but gotta save this for another time.
All I can tell you is to stay away from the metal trades, especially copper
The fast money manipulators at #CNBC are long Copper. It would be advisable to take the opposite side of that trade. PM me if you need a target #Copper
— Veteran Market Timer (@3Xtraders) January 18, 2023
Today's Trade
Technically speaking, I'm going to be watching the 50 day moving average on the $SPX, and I still think the market is poised to hold up into OPEX, and possibly even into the FOMC meeting, around the end of the month. Of course, if the 50 day ma, is taken out at the open, that's going to trigger more selling.
Why am I not expecting markets to plummet right here
One Word; "Superstition". Wall Street believes if January ends strong then that sets the tone for the entire year.
My Outlook is somewhat bearish short term, as I explained in yesterday's update, but I'm actually pretty bullish going into the 1st half of the year, and possibly longer.
I think the fed is going to wimp out, and take a break, and Wall Street is going to see that as a green light...
2022 was a lousy year, and that sets up for a rebound in 2023
Something New
Something I didn't notice until just ahead of yesterday's opening bell - and I'm already struggling to see how I'm going to be able to stay on my game with the distraction of running a membership website (more on this at the end of this update) - I was thumbing through some charts ahead of yesterday's open, and found that the $NYSE has run to new recent highs, while the $SPX continues to lag.
$NYSE - looks like a bearish reversal at this point, but I was kind of taken aback by this breakout.
That's a head scratcher
Final point
As I mentioned earlier, I only found that the $NYSE was breaking out, because I had a little extra time one my hands, and I was thumbing through some charts, and that's part of what keeps me on my game, because I don't remain focused on any one thing. I'm afraid that if I start a membership website, I'm going to end up spreading myself too thin, and my trading is going to suffer.
I suppose it will all work itself out in the end, but I'm thinking I'm going to need help running a website, or maybe I'm better off joining a hedge fund. Open to any suggestions...
Take Care, AA
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