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Friday, March 10, 2023

Looking at Yesterday's Sell-off - Great Trading Continues!

Looking at yesterday's sell-off - great trading continues! 

Some folks look at trading days like we saw yesterday, as "a blood bath", but that's the same hype you always see after a little pullback. 

Looking back at yesterday's open 

$SOX - Semiconductors actually traded to a new recent high, before they pulled the rip cord, and that was probably the most interesting thing to watch - in real time - was that pump 'n' dump.  

This is what they do, drive most the retail short sellers out, before they pull the rug out.

Speaking of the $SOX, chips continue to trend higher at the 10 day moving average, even as Crypto  continues to get hammered. 

 $SOX 60 min chart view 

We also saw the NASDAQ futures turn positive this morning, after testing the 200 day moving average. 

I thought twice about mentioning tech, but you gotta see this to believe it! 

The Setup

Wed. Evening  -The timing on this sell off could not have been timed any more perfectly, as I realized the Fast Money crew was on the same page as I was; when they sent Black dude out to do their dirty work - to rally the $VIX. I call him "black dude", not because I'm racist, but because the liberals at CNBC think it's their job to promote what they like to refer to as "equity". Liberals have a lot of white guilt, after the way they have used colored people over the past 100 years, and I'll leave it at that. 


Of course CNBC wants you to pay to watch the video, from Wednesday nights show, but I watched enough to know what they were up to... and it was the $VIX setup that really galvanized things for me.

It was all about the $VIX, as I tweeted Wednesday evening, as I've been blogging for weeks prior.... 

Funny, I was just recently blogging on how we could not longer trust the $VIX, but yesterday it worked like charm. That's a good thing! 

Here I am yesterday rooting for Volmageddon 2.0 

As I blogged Wednesday, I refuse to publishing $VIX targets... and the manipulators don't need any help from me. Let them figure it out for themselves, and maybe I'll review it once the smoke clears. 

The Fake Financial News 

I saw very little reporting on the banks, as the Regional Banks ($KRX) have been quietly selling off for the past 3 weeks, but I suppose they don't want another banking disaster on Joe Biden's watch. Crashing the banking sector doesn't fit their narrative. They'll save that for Donald Trump if he somehow manages to get re elected. That could actually be the catalyst for the next big crash, which I don't think will take place until 2025. Timing more than a year out, is a fools errand, but that's what I'm seeing on the my long term charts, and since the deep state has control of the white house, it's going to be business as usual. The Fed will even pivot, and start buying treasuries again, if it becomes necessary.  

$KRX - sells off for 3 weeks, before any news is reported 




The Trade 


1. We're seeing the target I pointed out in yesterday's blog - being tested - and even the NASDAQ is clinging to the 200 day moving average. 

2. We also saw the $SPX take out the 200 day moving average, which I've also been predicting. 

That was in my Update dated March 1st A Bold Call on the $SPX

Everybody hates an, "I told you so", but I told you that there were some big trading opportunities coming, and seeing believing. 

I got plenty of charting to get caught up on this morning, as certain short term chart views broke, as the selling accelerated, yesterday afternoon. 


 Have a great weekend. 

AA 






















The $VIX didn't take off 

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