Yesterday was better day trading than we've seen in a while, but I'm more interested in finding the next momentum trade, rather than honing in on tiny intraday moves.
We finally got a decent shakeout in tech, and semiconductors, and a midday reversal in energy.
9:00AM CST: Energy rallies off the lows:
This was an easy call, because where ExxonMobil goes, energy is sure to follow; always watch $XOM
$XOM found some bids at the 50 day ma. #Energy #Stocsks to watch
— Veteran Market Timer (@3Xtraders) August 8, 2023
I called that, the best trade of the day, and it was.
Explains why the CNBC fast money crew was seen celebrating on last night's show.
I re-affirmed this trend - 2 days ago:
Monday August 7th: Weekly Wrap-up, and a look ahead...
As long as investors continue to panic out of tech stocks, they're going to continue to pile into energy stocks, but I'm afraid we're about to see a nasty sector rotation...
Apple $AAPL builds a base. Liking $FNGU on this pullback #Tech #Stocks pic.twitter.com/Xhg7AHVkNl
— Veteran Market Timer (@3Xtraders) August 8, 2023
I even like Semis here, after yesterday's little shakeout.
Of course this required a little false breakout on the $VIX, but that's about all the $VIX is good for anymore.
I'm giving away a lot of valuable information, and I'm not finished yet!
The $USD vs Gold
After identifying the trend on the $USD, I think there's a good chance we see investors pile back into metals.
Joe Biden and co. are doing a great job destroying the US Dollar $USD #DXY #GOLD #FX pic.twitter.com/R93sPpoT8f
— Veteran Market Timer (@3Xtraders) August 8, 2023
Speaking of Joe Biden, and the globalist cabal
Reaffirming the globalist's motivation to take energy prices down:
Updated 25 min ago
Lingering inflation worries keep Biden approval stagnant at 40%: Reuters/Ipsos poll reuters.com
But wait there's more!
World Bank halts new lending to Uganda over anti-LGBTQ law reuters.com
sss
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