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Friday, June 16, 2023

Market Update Quadruple Witching OPEX Friday + a Mullen Update

 I'm short on time again, so I'll have to try to make this short. 

Yesterday we saw big tech continue to be pumped, on the heels of what looked like a continuing relief rally. I think that caught many people by surprise, but remember this is OPEX (June Options Expiration), and this one comes early (on the 16th), and before another long holiday weekend, where nobody wants to get short. 

The Market manipulators want the $SPX 4400 strike to pay, and that doesn't look like it's going to be a problem. 

Tech continues to lead this rally, but not much else... 

Options Action 

For example this morning we're seeing Adobe break above the $500 Call strike in premarket, and this after 21 days of AI boom (story). Of course the banksters knew what earnings were going to be, and probably wrote the script for all the networks, and I'm sure there are several elected officials who have also been tipped off.  The whole system is corrupt.  

1. AI boom 

2. Bull market 

3. Fed Pivot 

 Not to mention the talking heads spent much of the week celebrating the indictment of Donald Trump. 

I can hardly wait to see what stories will be spun in order take the market down, but probably something about "investors weigh the next move by the Federal reserve", and several are already lining up to give hawkish speeches. 

 The pump will probably end as many of us leave for vacation next week. This was the perfect time to chase the short sellers out, and position for a rebalancing.

That gives the powers that be the perfect opportunity to walk the market down, on light volume.  

JPMorgan Says Stocks to Suffer $150 Billion Rebalancing Sales 

Like I said yesterday; this has been nothing more than another pump 'n' dump rally, like the one we saw at the end of 2021. 

Mullen $MULN - low and behold Mullen popped nearly 30% at the open, before giving most of it back. If you locked in a 20% gain, you did well for yourself. 

Today's trade:  Looks like Gold miners could bounce out of the hole! 
And there's the opening bell! 

NASDAQ opening bid raised just above yesterday's high

One more thing: 

I'm considering reducing the number of Newsletters I publish, from weekly, to monthly, or maybe even suspend them, over the summer doldrums. I'll let you know.

Take Care, AA  

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