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Tuesday, April 18, 2023

Dull Markets Continue

Boring Markets Continue 

 Looks like this could be another boring trading day, as earnings remain in focus: 

This morning it's Bank of America ($BAC), and that should be good for another 50 day moving average target.  

Goldman also reports today. Their stock has already run beyond the moving averages, so I wouldn't be surprised to see a downside reversal in that name. 

Just for fun:

I've created a short term chart, and added it to the public charts area, and given it a pullback target of 316.38

$GS - pullback target $316.38


Lockeed Martin $LMT also reports 


I wouldn't touch that one for all the tea in China!

The pattern is an ending diagonal triangle. 

The beast I refer to in the annotations on that chart is the beast system, spoken of in the Book of Revelation, and this earth age seems to be winding down, in a hurry. 

That would explain all the confusion we're seeing

$VIX  

The $VIX has been beaten down to a 16 month low, and that - low $VIX - goes hand in hand with smaller market moves. It also points to extreme complacency. 

Bloomberg was seen reporting that the sentiment is very bearish, and then in the next segment they interview one of their own people, who claims that the $VIX doesn't matter. 

They obviously have some sort of agenda, to be reporting such BS. 

 Even CNN's Fear & Greed Index is running at the high end of the greed scale 



China is upgraded 


JP Morgan, Citi upgrade China 2023 full-year GDP growth forecast


That looks like a desperation move by the US banks, since a China recovery was priced in at the beginning of the year.  

REITS

The Fast Money Crew likes REITs, of all things, because there's a large short percentage, and because the stocks look cheap. Yeah, maybe they look cheap for a reason, and maybe the short sellers are right, as they were about the banks, in '08!? 

Regardless, REITs were already run up with the home builders, 3 weeks ago. 


I do, however. like Vornado Realty ($VNO), which has lost nearly 90% of its value over the past 8 years. 

Market Futures 

Futures are pointed up again, so we could see a little breakout, as I was saying on Friday.  

I'm watching a right shoulder target on the $NYSE 


The Wilshire 5000 $WLSH - on the other hand - has already broken out above that right shoulder target.   

The market is going to remain boring, until we see the $VIX start breaking out again, so the best course of action is probably to just sit on your hands, for the time being. 

Take Care, AA 



 

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