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Tuesday, May 23, 2023

The Market Bulls Declare Victory On The Nasdaq, Winners & Losers + NVIDIA Earnings

We're heading into another holiday trading period; in case you didn't notice how slow things are... and the volume is going to continue to dry up over the summer. 

Of course the financial fake news never mentions that this is prime time for market manipulation, as the short sellers cover their positions - ahead of the summer - and this explains who has really been buying stocks over the past few weeks. The idiot short sellers! 

Winners & Losers 

Remember it was fast money traders like Christopher Verone, who proclaimed that tech couldn't lead a bull market, so we know who is buying tech. 

Remember, it was this clown who told you that miners like RIO, and Freeport, and other industrial names were going to lead the rally. Wrong! 

Notice how the lame stream media never comes out and apologizes for putting idiots like this on the air, and never once have I seen them retract disinformation. More on that in a minute. 

But for every investor who's wrong, there's someone on the other side of that trade

Meet Mike Bell, Executive Director, is a Global Market Strategist based in London

Mike Bell - who I had never heard of - was seen on Bloomberg this morning declaring victory on the Nasdaq 100. The headline was something to the effect that the index has just seen its biggest rally since sliced bread... 1998, I think? Not sure what metric they're using to come up with that statistic, or even if that's true, but the details aren't important. What's important is that these sorts of headlines are a well known form of perma-bulls declaring victory, and historically headlines like this mark market tops. This used to be more of a natural occurrence, but now that Wall Street owns all the networks, they use the headlines to their advantage.    

Also see:

JPMorgan's Bell Sees Opportunities in European Equities

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I've been saying for months that the trade originated in London, and that foreign investors continue to drive markets, and there's the living proof. 

I'm not saying this is the top, but I'd say we're close. I even went so far as to call it capitulation, last week, although I was looking for another pump on Friday, and the rally just seemed to fizzle, as Friday OPEX drew to a close. 

NVIDIA is due to report earnings on Wed. so that could be the final catalyst for the Nasdaq, and the QQQ's to be pumped one last time, in order to cause the few remaining retail shorts to cover their bets. 

By no means is $NVDA one of the largest holdings in the $NDX, but this is the name that most Fast Money traders are hanging their hat on. 

In hindsight it's easy to see how money has flowed into a handful of names in the US, and in the UK, and that that had resulted in some historic (stealth) rallies, in the Nasdaq, Europe, and even in Japan. 

Speaking of Japan

In this week's Newsletter I revealed a NIkkei chart, just in order to prove that there's nothing extraordinary about the rally in Japan, which tied in nicely with Thursday's blog concerning Bloomberg's false narrative....    

See: In all the years I've been watching stocks, I've never seen anything like this!

Bloomberg remains hyper-focused on Japan, and was seen reporting last night that the Nikkei is trading at all time highs, which is a blatant lie.

I can only imagine this false narrative is being reported in order to create headline risk, because most investors are just going to believe the fake news. 

I summed this up in a tweet:

I'm sure you've heard that markets always go back up, and although that may be true, the Nikkei is still trading below where it was trading in 1990, and the same thing can happen to any market. 

If you're young, and you're just going to keep investing into the crashes, then you're actually up, but if you are at retirement age, and counting on your dividends as retirement income, this becomes more of an issue. 

I think there's a good chance we are going to see Dow 40,000 before we see Dow 2000, but there is no doubt in my mind that we will see Dow 2000 in our lifetimes. 

Look at the panic they were able to create using the Covid story. Imagine how much worse it's going to be, when they start a nuclear war.  

Amid growing concerns of security risks to members of Congress, more than 50 senators have been issued satellite phones for emergency communication, people familiar with the measures told CBS News.

Take Care, 


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