Yesterday Thur. - the sell-off continued into day 2 - day 3 for energy stocks - and the selling accelerated into the close.
It's good to see energy finally pull back, and right where fast money - back on Sept. 14th - claimed they were bullish.
Fast Money claimed they like #Energy #Stocks on last nights show. #FastMoney #CNBC pic.twitter.com/SZLwKVks04
— Veteran Market Timer (@3Xtraders) September 15, 2023
Speaking of CNBC Fast Money
I watched a good portion of the show last night - as I was fixing dinner - and it was pretty good, for a change. The host even questioned the official narrative - "hawkish pause", Guy Adami, pointed to the broken bond market, and they even had Rick Santelli on, and you can catch what he had to say in the video - linked to the CNBC tweet - below.
"What is normal anymore?"
— CNBC's Fast Money (@CNBCFastMoney) September 21, 2023
On-air editor Rick Santelli digs in on the bond market's latest moves. pic.twitter.com/IsP4WNHSID
To be honest the bond market is a bit of a mystery to me, so I'm always happy to learn more about it.
Getting back to this sell-off
I kind of figured - after the long summer break - the powers that be, would want to trash the market, before putting money to work, and they must have seen this period between the latest FOMC meeting - and Yom Kippur - as their golden opportunity.
I didn't even need to look at the calendar to time this sell-off, because I simply trusted the $VIX, and I'm looking like a genius; after telling investors to put protection on at $VIX 13.
To document:
#VIX 12.79 - tying June & July. Good place to put some protection on. pic.twitter.com/bwtlU9dM7c
— Veteran Market Timer (@3Xtraders) September 14, 2023
Tech stocks
Amazon was trashed along with AI stocks, and everything else I warned folks not to chase, back in July. Yesterday, I pointed to a leveraged bullish tech ETF on twitter, but I've since deleted that tweet.
$AMZN
Good things happen to those who wait
I've already taken some profits on my short positions, and I'm carefully tip-toeing into some beaten up sectors.
I would be happy to reveal those trades, if traders supported this channel, but I'm not going to give away my best winning trades for free.
$VIX
I did give away yesterday's $VIX target, and I encouraged investors not to panic.
$VIX may take out the 17 target, but it's still $SPX market bullish.
— Veteran Market Timer (@3Xtraders) September 21, 2023
Friday
This morning we're seeing dip buyers step in, but because of the fact that the selling has been highly orchestrated, I wouldn't expect to see the bears get paid on their weekly options, on this Friday.
Expect to either build a base, or close near recent lows, in a panic close.
Take care,
AA
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