Yesterday, we saw a nice rally, and I even called the breakout in real time.
$SPX breaks out... 5 min. chart working #SPY pic.twitter.com/8bpoImhTAZ
— Veteran Market Timer (@3Xtraders) May 17, 2023
This is the same range we've been watching all week, and you can clearly see where the market broke out above my red line, on this longer term view.
The $SPX sells off at my red line. #SPY that! pic.twitter.com/utvGJMc1SA
— Veteran Market Timer (@3Xtraders) May 16, 2023
So, in hindsight this rally had everything to do with the technicals, and nothing to do with hopes for a debt ceiling increase, as Bloomberg is falsely reporting.
In fact this rally looks more like a (bearish) capitulation top, ahead of a debt ceiling battle that will most likely go into the 9th inning, and then overtime.
The bulls like to sell high, so I believe they drove stocks higher, in order to sell in May.... and of course just in time for, yet another rigged Monthly Options Expiration Friday (tomorrow).
Blatant Market Manipulation
See Germany Breaking out? That's the powers that be in Europe, manipulating the options market in the UK.
$DAX - an engineered breakout above 16k. At least it did a little pause - back-test - before taking off like a rocket, because when US markets are manipulated, we like to leave gaps all over the map.
I called for an upside surprise in this week's Newsletter, so I'm not at all surprised...
Gold
The rally in precious metals continues to be faded.
No breakout for precious metals
Everybody who prediced Silver & Gold were poised to breakout to new recent highs, WRONG pic.twitter.com/HcvTRpXVSF
— Veteran Market Timer (@3Xtraders) May 18, 2023
Getting back to Gloomberg:
Unless you've been living under a rock for the past several months, then you should know Japan has been rallying along with most everything else.
CNBC Fast Money also covered the story this week, and of course those clowns are bullish, just as they were the Energy sector, and more recently Gold, when it looked like it might break out. These clowns are notorious for chasing gains at the end of a big run., but I digress.
Anyhow I saw the oddest thing being reported last night, on Bloomberg last night, as they too covered the rally in Japan.
In all the years I've been watching stocks, I've never seen anything like this!
Bloomberg Asia
Just yesterday, I had to debunk a chart they were seen pointing to, but this time they don't even offer a chart...
Japan?
Granted, nobody should be chasing Japan here, but I've never met anyone who trades according to that set of technical indicators. Begs the question; who's really in charge of programming over there?
Makes me think, they are working for the Chinese Communist Party. After all, investors have been fleeing to Japan, because they feel it's safer than China.
We know Buffett is invested in Japan, and I think I covered that on April 11, 2023:
Trading Into Earnings Season, Bitcoin hits 30k, Buffett Invests In Japan, Silver
Rishi Sunak to unveil semiconductor partnership with Japan www.ft.com
Walmart
Walmart just came out with earnings, and that one continues to test the all time highs.
$WMT - I haven't updated this chart in several months, but to be honest, the price action doesn't give me the warm fuzzies.
Take Care, AA
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