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Friday, March 24, 2023

Short Squeeze Friday 3/24/23

Could see a short squeeze today; it is Friday, after all. 

I'm sure professional traders are looking for a washout, before they put money to work, and perhaps that's why we're seeing futures lower again this morning. They want to shake out the retail investor.

Of course it's those fast money traders... and fast money can turn on a dime, and especially in a bear market, on a Friday.

Futures are lower

This morning the rug was pulled out in Europe, right at the open, and that pulled US futures lower. I was up at 3AM watching the whole thing unfold. 

Bearish Sentiment

Twitter is a great measure of herd mentality; just search "market crash", for instance, and you'll find that is still trending pretty hard. 

I also see Deutsche Bank trending in the #1 spot, on my recommended feed.

Bloomberg is seen contributing to that hype

I now see CNBC fanning the flames on European Banks, and Becky Quick repeatedly reporting that "the European banks are in crisis". I wonder who she's trying to help by screaming fire in a crowded theater; perhaps she has skin in the game? 

Whatever her motivation, I can look at the chart, and tell you this is nothing to get excited about. 


Bloomberg refuses to report that the next French Revelation seems to be well underway:

 You won't see that reported by the corporate owned lame stream media, because they support socialism.

‘Democracy at stake’: French protesters vent fury at Macron over pension push 

A montage of President Emmanuel Macron as the "Sun King" Louis XIV at a protest in Paris on March 23, 2023. © Benjamin Dodman, FRANCE

Now you might ask, how can you remain bullish when banks are failing, and it looks like the powers that be are hell bent on starting WWIII, in order to divert attention away from their failures, and let me tell you, it ain't easy!

Like I said yesterday, I trust what I'm seeing in the charts, and even when the world is in turmoil, money has to be, and will be, put to work, at the appointed times.

I don't trade on emotion.

Yesterday's Market Action

There was a point yesterday, where it looked like the market might sell off again, but that turned out to be a false alarm.

Re: Timing

Unless you're able to time markets like I do, in real time, you're not going to get the trade consistently right.

Sometimes I'm required to do additional charting after the market has closed, and even on weekends, and especially when volatility is this high, and that requires a lot of due diligence!

If you are new to this, then you're only guessing at market direction, and probably being influenced by the herd, and that's a losing strategy.

Good luck,

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