I started a blog yesterday morning - "Will the CPI number move this miserable market?" - but that's as far as I got.
As it turned out; the market didn't care about CPI (inflation) data.
From the moment the CPI data was released, the $VIX sold off, so there was no fear associated with it.
The market did pull back just before lunch time, but I attribute this to money managers quietly raising some cash ahead of earnings season - which began this morning, with Well Fargo, Citi & JP Morgan.
Saw this coming
Wells Fargo higher $WFC 💵💵💵https://t.co/RDKKc4RXGC
— Veteran Market Timer (@3Xtraders) October 13, 2023
Getting back to the sell-off
Why did they wait until the middle of the day to sell?
1. Because they didn't want to spook the market.
2. By that time, most bears have already given up.
That didn't stop CNBC from reporting that the market had sold off on a hot CPI number
Dow closes more than 150 points lower as inflation data reignites interest rate fears CNBC
Rates did climb after selling off for the previous 4 days, but they leave that part of the story out.
I took profits on my long treasury bets on Wed., but I'm still adding to bonds in the 401k, as I stated a couple weeks ago in my latest newsletter.
What else is this market waiting for besides earnings season?
Short covering ahead of the holidays, of course!
Do investors realize that Thanksgiving week is only a month away?! Probably not
We could still see some weakness, ahead of short-covering season, but there isn't much time....
Speaking of Short Squeezes
Caught a nice short squeeze in Lumber Liquidators
$LL - up nearly 40%
You missed the #shortsqueeze in shares of $LL
— Veteran Market Timer (@3Xtraders) October 12, 2023
Lumber Liquidators ? 💩 pic.twitter.com/1QQTHZM8mZ
Not one re-tweet, and that's because 99% of traders misses the boat.
New York City
I stayed in Manhattan this summer - there for the US Open - and I couldn't get over the congestion. I can tell you that it's 3X worse than Chicago, and just as bad as you hear people describe it, and given that it's been the constant target of terrorist attacks, as well as the 9/11 (ground zero) false flag (hoax), I'm happy to be living 1000 miles away...
In fact with all that's going on, I can hardly wait to get as far away from any major city in the US!
I think most New Yorkers haven't a clue, as to how much danger they're in right this minute. There are sleeper cells all over the US, and ground zero is the likely target for another major #falseflag. https://t.co/MUkDRsftQ1
— Veteran Market Timer (@3Xtraders) October 12, 2023
Day of Rage comes one week after the new Emergency Alert System Test
I haven't heard much warning of a dirty bomb being released in NYC for some time, but that is a real threat, and would cause the same kind of panic we saw during Covid-19. Masks, lockdowns, etc.
Radiation is an unseen killer.
Frequently Asked Questions About Potassium Iodide
"Potassium iodide is a salt, similar to table salt. Its chemical symbol is KI. It is routinely added to table salt to make it "iodized." Potassium iodide, if taken in time and at the appropriate dosage, blocks the thyroid gland's uptake of radioactive iodine and thus could reduce the risk of thyroid cancers and other diseases that might otherwise be caused by exposure to radioactive iodine that could be dispersed in a severe nuclear accident." nrc.gov
Hopefully we never have to use it, but it's good insurance, and I sleep better knowing we have it.
Hope for the best; prepare for the worse!
Take Care,
AA
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