1. The market continues to focus on squeezing the short sellers on every earnings beat, rather than the longer term. This is the only reason I was looking for Disney to rally, in after hours.
$DIS makes a slightly higher recent high
I think Disney can rally at least $6 on earnings $DIS
— Veteran Market Timer (@3Xtraders) February 8, 2023
2. Another stock making higher recent highs is Tesla. CNBC Chart Master, Carter Worth, wrong again!
It's one thing to be wrong, but then, for Fast Money to double down (2 weeks ago), and encourage others to short Testla? Losers
By the way, I got a $222 target on Tesla, after calling the reversal, back on Jan. 26th.
TESLA SHARES UP 10% IN A SHORT SQUEEZE #ShortSqueeze $TSLA @elonmuskhttps://t.co/NObJwWi2EM
— Veteran Market Timer (@3Xtraders) January 26, 2023
3. Turns out, I was totally right on the bombing of the Nord Stream Pipeline!
WASHINGTON — Pulitzer Prize-winning journalist Seymour Hersh has alleged US Navy divers laid bombs that destroyed the Nord Stream 2 natural gas pipeline under the Baltic Sea last September, drawing a denial from the Pentagon Wednesday. nypost.com
Will Russia retaliate, now that the truth has come out? I think there's a good chance of that!
Looking at my notes:
Oil
- I turned bullish on Oil, a few days ago, but as I tweeted yesterday, I've pivoted on that trade.
Seeing #oil already struggling. That rules out the bullish ElliottWave count, I mentioned in yesterday's blog. Pivot to bearish pic.twitter.com/3Lbs0od6DA
— Veteran Market Timer (@3Xtraders) February 8, 2023
It just seems to have stalled out above the 50 day, rather than rocket higher - which is what I was looking for - so watch for a pullback, followed by another run at the right shoulder target, later in the month, or it could just continue.... now that Oil is trading back above the 50 day ma.
Speaking of Energy: $BP took out my upside target
$BP finally takes out my upside target 🥱@CNBCFastMoney #Energy #ClownShow #Clowncar pic.twitter.com/y4qabTEJbN
— Veteran Market Timer (@3Xtraders) February 8, 2023
Of course it may continue to overshoot after the momentum we've seen, and that's what markets tend to do...
France -
The French $CAC has traded nearly back to it's all time highs, in what looks like a big suckers rally. If you can find a way to short that market, or even the entire Eurozone, I would start building a position right here!
Bitcoin -
Also looks like it's also forming a top, and you know what that could mean for tech stocks!
Bitcoin trades in a sideways range for 3 weeks.
#Bitcoin looks like it's traded into a topping pattern. #Crypto pic.twitter.com/pzV0XMFPec
— Veteran Market Timer (@3Xtraders) February 9, 2023
The market seems extremely complacent to me; especially after yesterday's $VIX breakout above the 20 level, and some index in Japan, is also giving that signal, but I can't seem to find the story...
$SPX 4300 - 4350 - This is the target I've seen the market makers pointing to recently?
This target isn't at all out of the question, but I'm more interested in how we get there, and what happens afterwards.
It's been so long, I forgot what my upside target on the $SPX was.
I'll have to look back a few months, and continue this blog tomorrow!
Take Care, AA
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