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
NEW: Deutsche Bank shares slump more than 10% and its credit-default swaps surge amid wider concerns about the banking sector https://t.co/QQp1UFpOrv pic.twitter.com/pPTLqWEeoc
— Bloomberg (@business) March 24, 2023
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.
Meanwhile
Bloomberg refuses to report that the next French Revelation seems to be well underway:
France - Bordeaux City Hall. People have had enough.
— Kohima (@Kohima_Sean) March 24, 2023
Uncontrolled Immigration, COVID tyranny, Inflation, Energy, Pensions etc
A perfect storm. pic.twitter.com/9aRtP0Egog
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 24.com |
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.
$SPX snapping back now. $VIX being hammered. #Bullish narrative being sold on both networks 🤔
— Veteran Market Timer (@3Xtraders) March 23, 2023
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