Yesterday's FOMC report didn't take the $VIX down as much as I was anticipating, but this morning we're seeing the $VIX crushed - right on schedule - and most everything up on META earnings.
3:33 AM
Nasdaq 100 futures up 1%. #DowJones $SPX futures, & $DAX retest the recent highs. pic.twitter.com/ap448M0Gyq
— Veteran Market Timer (@3Xtraders) July 27, 2023
I saw this coming a mile away - on Tues.- and I'm getting more comfortable trading tech at these levels.
$SPX market futures look weak#DowJones also looks toppy
— Veteran Market Timer (@3Xtraders) July 25, 2023
Watch for a rotation back into the Nasdaq.
BOOM!
This is the first time I've been able to get excited about this tech rally, since I called the big breakout on NVIDIA, but the setup on the charts was obvious. Of course there are several charts I can't show you - because I don't want to reveal my personal trades - but here's a clue to what's going on in the leveraged QQQ bull.
$TQQQ - being bought at the 20 day moving average. I'll let you decide if this is the average retail investor... or AI.
Of course, this entire rally has been based on the manipulation of the QQQ's, and knowing that makes my job easy.
$NFLX Here's another clue I spotted on one of the Q's major components: Netflix.
$NFLX pulls back to the 50 day moving average #Netflix pic.twitter.com/OzpadvERft
— Veteran Market Timer (@3Xtraders) July 26, 2023
As they say, "the trend is your friend".
I have several other charts which I can't show, but the 5 day pullback was clearly bullish.
Don't confuse a tradable rally with a bull market, and I had to block one such idiot... this morning.
You are mistaken. This fake bull market is good for pumping and dumping; Nothing more https://t.co/FPBr4bcoLb
— Veteran Market Timer (@3Xtraders) July 27, 2023
Bearish
Of course we're going to see a trend reversal at some point, but not until we see the bears capitulate, and Joe Sixpack fully invested.
Of course this is what CNBC is for: To make this rally seem historic; in order to get the below average (intelligence) retail investor involved.
Speaking of CNBC
$INDU - looking at the daily winning streak on the Dow, it's clear that there's nothing spectacular about it, but they continue to claim this is some kind of historic record.
I may be out of the office tomorrow, but I'm not expecting to see the market sold on a Friday, after a 5 day pullback.
I may publish a weekly newsletter on Saturday so be sure to signup for that!
That's about it.
Take Care,
No comments:
Post a Comment