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Friday, September 22, 2023

Weekly Wrap-up: Good things happen to those who wait.

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. 

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.

 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: 

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.  


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. 


I did give away yesterday's $VIX target, and I encouraged investors not to panic. 


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, 


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