Wow, we've gone from boring markets, back to exciting markets in only a couple days, but this is what happens when traders return from Yom Kippur, and pick up where they left off, on Friday.
Didn't I tell you that when traders returned from their long summer vacations, they were going to trash stocks? I'm sure glad I told people to sell the summer rally, as I also did!
Yesterday's action
I knew who was selling yesterday, before they even showed their hand on CNBC Fast Money. East coast traders....
Nasdaq falls 1.5% as short sellers of the $QQQ return from their lunch break 😂
— Veteran Market Timer (@3Xtraders) September 26, 2023
I actually alerted to the $VIX breakout around 10:30 AM, and the selling accelerated from there.
$VIX breaks out
— Veteran Market Timer (@3Xtraders) September 26, 2023
Of course, the $VIX continues to trade below the 20 level, which is relatively low, and that's because there really isn't much fear in the market. This may also have something to do with the 0 day expiration options market, but I'm not sure...
I can tell you that they didn't have any trouble driving the $VVIX to new recent highs.
$VVIX ($VIX of the $VIX)
$SPX - 5 min. chart view - tiny moves
I think the $SPX can sell off a little lower, before we head into buying season.
OIC The 4300 level was bought yesterday! Stupid simple round number targets on the $SPX futures continue. #SP500 pic.twitter.com/3JZLvn3uRj
— Veteran Market Timer (@3Xtraders) September 27, 2023
Tech is Trashed
I pointed to Amazon, when the selling began, and I'd be a buyer here.
Amazon looks like a strong buy ahead of Prime Days. $AMZN#StocksToTrade #StocksToBuy pic.twitter.com/GZaVG48F4P
— Veteran Market Timer (@3Xtraders) September 27, 2023
Every Money manager on Wall Street wants to own this one at a discount!
New Leadership
Funny thing, after yesterday's closing bell; I was looking around at some of the damage being done to this market, and the selling has been very selective/ targeted.
Of course Apple ($AAPL), and Amazon were among the biggest short term losers, but that's just the tip of the iceberg!
1.
Wow. Walgreens is getting killed, of course, a long with a lot of other stock $WBA pic.twitter.com/Zpcihayw0g
— Veteran Market Timer (@3Xtraders) September 26, 2023
2.
$UPS - this one is probably being used to drive the Transports lower
At least stocks are moving in the right direction again $USP included pic.twitter.com/JF165lrgyT
— Veteran Market Timer (@3Xtraders) September 26, 2023
3.
$UNP - ""
Hey, doesn't Warren Buffett own this junk? $UNP pic.twitter.com/PyGSOyBZTn
— Veteran Market Timer (@3Xtraders) September 26, 2023
4.
$TSE - boy does this chart tell a story!
Watch this one go to the junk folder #stockstowatch $TSE pic.twitter.com/vwcCVFf3sN
— Veteran Market Timer (@3Xtraders) September 26, 2023
5.
A better example of beaten up stocks, that are beginning to look interesting might be
Peloton $PTON - I haven't updated the chart in months. It just is what it is - up 5% on a down day.
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I have countless similar examples; and I think the market is setting up to appoint a whole new group of leaders, as we trade into 2024.
I'm so excited after finding this, that I could hardly sleep, and I have countless charts to sift through.
I even created a new folder dedicated to this group, of heavily beaten down stocks.
I'm out of time,
AA
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