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Thursday, September 14, 2023

Market Futures Update Ahead of the ECB Decision

 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....

$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! 

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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