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Thursday, June 15, 2023

Reviewing The FOMC Release, & Taking a second look at EV Manufacturer Mullen

I slept in, so I don't have much time this morning, but a couple points.... 

The FOMC paused as expected - yet tried to sound hawkish; threatening to continue raising rates later in the year.   

This just looks like another engineered pullback in the making, and the lame stream media didn't waste any time setting the stage, as they had already booked a special guest for the show - Morgan Stanley's very own resident bear Mike Wilson. 

US Profit Recession Will Persist, Morgan Stanley’s Mike Wilson Says gloomberg/

 Doesn't matter so much what was said in yesterday's FOMC announcement, because I trade on technical indicators, and the indicators have not changed since we saw capitulation in tech stocks nearly 3 weeks ago. 

Speaking of Technical Indicators 

$SPX futures ended on a perfect doji reversal candle, and that was followed by a bearish engulfing candle. 

I watched this taking shape yesterday evening, and took this screenshot:

If I were trading futures, I'd already be up nicely! 

Twitter Alerts 

Here's my alert to the $VIX finally filling the gap that was left behind 2-3 days ago: 

In hindsight: 

Remember when we were looking at all the retail investors on twitter who thought $VIX 20 would be a good place to short the market? Yeah, well, Wall Street is good at teaching newbie traders valuable lessons, and those inexperienced traders have been officially taken out behind the woodshed. 

Speaking of being take out behind the woodshed


Remember when EV manufacturer Mullen ($MULN) was being called the next meme stock, and I covered the story... 


Monday, May 8, 2023

I quickly gave up on Mullen

Well, yesterday, I notice Mullens falling off a cliff again, and the short sellers circling the wagons

So I decided to chart it: 

$MULN - Selling volume points to capitulation, as the price action washes out below the lower channel line. I think we could certainly see more pain in the near term, but this is exactly what you want to see, before a bullish reversal! 

I don't think Mullen is the next Tesla, or even the next meme stock, but it could easily triple or even test the 50 day moving average.  Again, I don't care about the fundamentals, only the technical indicators. 

Trade penny stocks at your own risk. 

Take care, AA 



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