Market Update - Reviewing Yesterday's Action, plus a Mullen Update

To get my absolute take on the current selling in the market, as well as my short-term outlook, please also review yesterday's update. 

Bombshell report breaks the summer doldrums - $VIX 30?

Reviewing Yesterday's Action: 

The action was somewhat weak, but we didn't see much selling beyond the typical gap down, we saw at the open.  

Folks can talk about how devastating yesterday's sell-off was, as much as they want - "Nasdaq has it's worst day in 5 months" - it still only amounts to a 1 day sell-off. Never believe the hype. 

Speaking of hype & the Nasdaq: It was only a little over a month ago, when the fake financial headlines were touting a new boom in AI investment, when in actuality this is old news. 

Sep 13, 2021,

How AI-Powered Investing Is Changing Wall Street For Millennials forbes.com 

And just we saw a lot of fake news drive stock prices up, now we get plethora of fake news designed to keep the below average investor from selling, 

1 hour ago: 

Warren Buffett says he’s not worried about Fitch’s U.S. downgrade cnbc.com

Speaking of Fake News; just when you thought it couldn't get any worse; have you watched Bloomberg lately? 

A brit calls Mike Pence's statement "scathing". This is Bloomberg pic.twitter.com/VX7g0rCZXL

— Veteran Market Timer (@3Xtraders) August 3, 2023

Bloomberg's new format is worse than ever, and the AI seems to think every headline is a red alert moment! 

They also constantly seek out guests who talk with their hands, and the result is hideous. I think to myself, "who are all these idiots waving their arms" lol  

Not to mention the fact that they fail to report much of anything of actual substance. 

As far as the debt downgrade, you need to trust the market reaction, not what Jamie Dimon thinks... 

Market is still focused on earnings 

Today Amazon and Apple report, so I don't expect to see much more selling into that. 

The Dash for Trash continues 

Wayfair up another 5% in pre-market 

The Charts aren't even close to being broken 

Look like the best buying opportunity in big tech stocks in 3 months https://t.co/KSpFmRPXZ7

— Veteran Market Timer (@3Xtraders) August 2, 2023

$MULN  update - this may be obvious to some investor, but there's not sign of a bullish reversal in Mullen 

Take Care,

AA 

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