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Friday, October 20, 2023

Weekly Wrap-up October OPEX Friday

This was an interesting trading week, with lots of fake news to boot! 

I'm not even sure where to start, and I've been so busy trading, it hardly leaved me with any time to write. I started a blog on Tuesday, and ended up deleting it. 

The Latest suspected Breaking Fake News From CNN:

US Navy warship near Yemen intercepts multiple missiles, US officials say 

Yeah, US officials say a lot of things 

Earnings Season

It may not seem that this is what the market is focused on, but I see the dips being bought, and I believe we're about to see a sector rotation out of the so-called safety trade, and back into heavily beaten down stocks.   

Crypto/ Bitcoin

Bitcoin is the big winner of the week, and that figures, because it finally occurs to me that this worthless market was created in order to be pumped and dumped, at will. You would have had a much harder time driving any other market like this.  

Fast money guest Steve Weiss alerted to the Bitcoin trade earlier in the week, and I didn't really pay much attention until I saw it up another 4% overnight, and Bitcoin taking out an important psychological target - $30k!     

Funny Bloomberg seemed to be more excited about Gold up another $6, than Bitcoin up 4%!   

Natural Gas was the biggest looser of the week, and I must admit I made out like a bandit on that trade. If you're interested in trading commodities contracts, I'll have more information on that, coming up in the near future. 

To be honest; I'm not even remotely interested in buying the $SPX, because I have bigger fish to fry, but I still track it. 

If you trade the $SPX or the $SPY then you should be watching the $VIX as well.  

$VIX finally managed to take out the 20 level, the day before OPEX, so that looks like a bear trap. 

I would expect the $VIX to hold above 20.25, as the $SPX continues to build a base. 

Whoever sold this market into the Israel story knew what was coming. 

Good luck, and have a great weekend! 




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