I had no idea the ECB decision was/is this morning, until I saw it from the useful idiots on Bloomberg.
I obviously need a better economic calendar than MarketWatch can provide. I mean this is the most important event of the week, and 1 day before Sept. Options expiration. "Need the info"!
I believe the ECB is on hold, using the recent downgrade of EU growth (estimate) as an excuse, although the market thinks a rate hike is 60% likely.
But none of that really matters, because the market can't hear any bad news. All news is good news.
Game plan:
If tech stocks get trashed on an expected ECB hike, then energy is going to rally.
Oil is already breaking out....
Chart it yourself. It's easy. #Oil breaks out in real time. pic.twitter.com/zX2Eec6kOM
— Veteran Market Timer (@3Xtraders) September 14, 2023
$WTI (US crude) - 1 hour chart view - the next breakout point looks like 90.01.
Also
Watch the $VIX, which was punched down below the 13 (edit) level yesterday!
$VIX falls below 14, as the sellers of volatility continue to make out like bandits. $SVXY hits new recent highs.
— Veteran Market Timer (@3Xtraders) September 13, 2023
Also see the pullback target for the $SPX - provided in yesterday's update
If the ECB doesn't hike rates, then both tech and energy can continue to rally.
Take Care,
AA
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