Market Update ahead of the CPI number
In case you missed any recent updates; the $SPX continues to trade in a tight 90 point range, while certain sectors continue to be pumped, at random.
The latest.... being home builders.
Spotted this just by chance; it's not a sector I follow very closely:
$SPX #SPY UNCH, but meanwhile the home builders 3X fund is up 8%! More #WallStreet fuckery pic.twitter.com/Oava1iBJo8
— Veteran Market Timer (@3Xtraders) April 11, 2023
If you caught the CNBC fast money show last night, then you saw them all declaring victory on that trade, and they've been planning it for what seems like several weeks now.
These clowns are either trading home builders, or casinos, because these are thinly traded sectors. Easy to manipulate.
Look, I don't wait around for several weeks, waiting for a market to be pumped, but I did spot a swing trade in financials.
Funny I saw #SwingTrading trending on Twitter this morning, and added the following description:
A trading strategy in which you buy the dips, and sell (short) the rips. #SwingTrading
— Veteran Market Timer (@3Xtraders) April 12, 2023
Financials 30 min chart
This is what I do. I buy the dips, and sell the rips, and if all goes according to plan, I make money on the round trip, rather than just hoping for the market to move in one direction, as most traders do...
Gold
I made a major breakthrough on gold yesterday, after performing a little extra charting, after the bell.
$GOLD - explains why gold has been bought hand over fist, over the past several weeks!
If Gold breaks out here, we could see it run to $5000 per ounce.... bad news if the cost of a loaf of bread could go to $10. #inflation #Gold #Bidcoin $USD #FX pic.twitter.com/zbEyhVAlIC
— Veteran Market Timer (@3Xtraders) April 11, 2023
Of course no sooner than I tweeted the chart, the gold bugs were liking it.
I'm not going to give away my Gold targets, but I can tell you that the above chart isn't as accurate as it looks.
The broader market
The broader market continues to trade like crap, as expected this time of year, but I'm a little afraid of what may come next. All this weakness on a heavily shorted $VIX isn't bullish.
Hopefully we start seeing more direction; either on today's CPI number, or as traders return from holiday over the next several days. We could see one sector or another targeted, and we're already seeing some weakness in tech.
My best guess is traders return and drive stocks to my upside target, only to pull the rug out. Could be a Monday morning surprise, followed by a technical Tuesday, who knows..?
Bitcoin & Crypto in the news
Yesterday, I caught the fake news pumping crypto; after ignoring the space for several weeks, even as Bitcoin rallied to 30k. Now they claim that it has decoupled from tech, and become the safety trade ("like Gold"), and they even had a fake (bullish) Bitcoin chart as a lead in to a bullish guest.
I think it's not hard to imagine what comes next.
Let me try to recreate the bitcoin chart, I watched bloomberg's Matt Miller draw in real time
Looked a lot like a bullish channel
Crypto’s Next Ethereum Upgrade Lets Stakers Roam Free bloomberg
Take Care, AA
No comments:
Post a Comment