I'll be exposing the financial terrorism mentioned in the title of this blog, in a moment, but first things first:
Market Update
Here we are; the day we've all been waiting for: August OPEX (options expiration)!
All market manipulation revolves around these Options Expiration Dates, and today should be no different!
$SPX - spotted a possible bearish upside target this morning.
$SPX market futures lower. #UK lower, Europe lower. Asia "" #Bitcoin down 4%.
— Veteran Market Timer (@3Xtraders) August 18, 2023
possible neckline forming... pic.twitter.com/6HVYtYPRt8
Jackson Hole is just around the corner, and I think there is a good possibility that Powell turns dovish - removing any possibility of a Sept. rate hike.
We're seeing a little more weakness this morning, but most of the charts are broken, everything is becoming short term oversold, and OPEX dates are prime time for market bottoms.
I'm a believer in broken support, as much as I am a believer in overbought fake breakouts - like the one we just saw in July - so we could become even more oversold, and especially at today's open.
I do see a slightly higher $VIX target, but unless Energy is going to join the party, I don't see how the short sellers are going to trigger more selling.
Should be an interesting OPEX Friday
China
I covered China again in yesterday's blog, and I even saw someone on CNBC tweeting about it this morning. Fanning the flames.
CNBC finally points to China
Took 2+ weeks for the lame stream media @ CNBC to finally report this. #China https://t.co/gMxd5e7Aff
— Veteran Market Timer (@3Xtraders) August 18, 2023
Speaking of CNBC
Bordering on Financial Terrorism
Bitcoin "flash crash?"
— Brian Sullivan (@SullyCNBC) August 17, 2023
Fell $2,000 in minutes.
No idea why. Working to find out. pic.twitter.com/A0ULdiFVai
Bitcoin CRASH? Using the term crash in a market environment like this is tantamount to yelling fire in a crowded movie theater, but CNBC has skin in the game.
Notice how they didn't call the recent banking collapse a flashcrash? No, not on Joe Biden's watch.
Bitcoin - some clever people pulled the rug on bitcoin this morning.
For disclosure; I have no financial interest in Bitcoin, and I've pretty much given up on crypto currency, which looks to me like just another Wall Street scam/ investment, but I don't enjoy seeing investors being victimized.
Safe haven gold?
Speaking of safe havens: seeing #gold up this morning, after spotting this pattern on the $GLD yesterday evening. pic.twitter.com/7naLgfjREe
— Veteran Market Timer (@3Xtraders) August 18, 2023
Looks like the crooks just shook out some folks, below the 200 day ma... this morning we see gold up, which tells me they are already loading the truck, and preparing to drive away. Watch the 50 day...
Could it be that they sold bitcoin, in order to buy the only true alternative currency, Gold?
#Bitcoin is being liquidated, in order to raise cash, in order to buy what? That's the question.
— Veteran Market Timer (@3Xtraders) August 18, 2023
I'm not crazy about the downturned wedge pattern, but it could be a good trade nonetheless.
Take care,
AA
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