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Wednesday, January 18, 2023

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

The market is slow! How slow is it? Even Bloomberg mentioned that the market was slow yesterday. Of course they gave no explanation for this anomaly, but I think the low volume can be at least partially attributable to the fact that much of the criminal cartel who continually rig markets, are in Davos. 

Speaking of Davos! 

Dwindling snow at Davos tells the world’s elite all they need to know

Think the lack of snow, on the slopes of Davos wasn't engineered?

Davos 2023:U.S. envoy Kerry says 'time is running out', money needed to tackle climate change reuters

Enough small talk about the weather 

This low volume Rally is looking pretty tired 

The market has actually been chugging higher on very low volume, since the beginning of the year.  

As much as CNBC tries to sell the story, that this is the longest winning streak on the NASDAQ since, whenever it was - who cares... - I took profits on my remaining longs yesterday, and believe me, when I tell you, "the profits were nothing to write home about"! 

Here's a good example of what this rally looked like on the $TQQQ which I heard pumped by one of the networks yesterday. Actually they were referring to both the $TQQQ, and the $SQQQ... which have apparently seen pretty good volume - as of late - although as you can see, the volume is declining, and that's not good! 

$TQQQ (2X NASDAQ Bull) - Trend is a obvious, as yesterday's sell target, at the top of the range 

Normally the leveraged bull charts, don't work so well, but there's nothing normal about this market, and that's a good example of a down-turned triangle pattern, that's still working.  

Reviewing yesterday's trade, in more detail. Was that a reversal? 

The $VIX - Remember I said, we were watching the 20 level, and where did it open? Right at 20! 
That immediately told me that it's as rigged, as ever.

I also told folks to watch the 4000 level on the $SPX, and it could be seen hovering around that level, for most of the trading day. Even this morning the bulltards think this is some kind of breakout. 

I think the market can definitely hold up in this range, going into OPEX, and even the next FOMC meeting, but then I'm expecting a bigger pullback than the one we saw, back in Dec.

I'd tell you more, but that's privileged information, and I'm keeping the best charts close to my chest. 

As I mentioned yesterday, I've been kicking around the idea of starting a membership site, and I even took some time shopping platforms this morning. I need a site that's easy to drag and drop, charts, in, and out of, and has an easily accessible members (only) page. I also need membership software that I can rely on, unlike the last time I did this. 

 If you have any suggestions... let me know in the comments. 

Good Luck, 

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