7 er 6 Stocks continue to drive Markets higher

 Yesterday's action was a prime example of how FAANG (by a different name (the magnificent 7) are being used to drive the Dow, and the $SPX, not to mention the $QQQ. 

Yesterday, we saw Apple pull  back slightly, on a couple negative news reports, and the market's answer to that, was to pump the other 6 critical market high fliers to the moon. 

Of course they're still using the same leveraged FAANG stock ETFs to help accomplish this; including ProShares Ultra QQQ - one of yesterday's top performers.

 $QLD ProShares Ultra QQQ - up 1.45% - Typical Monday 

$AAPD - the 1X Apple Bear - looks like it's being sold (short), for added leverage. 

I pointed out the same thing earlier in the year; and these leveraged ETF's have actually been used to

drive markets, in both directions since 2007, but this trend continues to ramp up!  

There's even a 3X NFLX fund which holds 8,384 shares of  $NFLX, and that was up a whopping 8.81% yesterday! 

$IX3XNFLX - up 8.81% on yesterday's pump 

Amazon is another one 

$AMZD - Leveraged Bear ETF - hammered to a new recent low. There's just no other explanation for why this chart is working so well. Manipulators gonna manipulate. 

Truly uncanny, and I could spend the entire day offering more examples... 

What else is new is that Stock Screeners are being used to buy the 20 day moving averages... 

Below is a good example from Barchart.com 

The 2 examples above are clearly contributing to the market bubble we find ourselves trading in.

This seems awfully short sighted, but as long as fast money is moving markets, these short term averages will continue to work.  

Take care, 

AA 

CNBC - Fast Money - Karen Finerman admits she owns Bitcoin, $SPX, Tech Stocks Update

Karen Finerman admits she owns Bitcoin. 

Less than 1 week later; a flash crash in Bitcoin.   

It flashcrashed nearly 10% overnight, and nothing reported on it.  

What a great contrarian indicator CNBC Fast Money is!

I don't know what any serious money manager would be buying Bitcoin, and then admitting it on television, but apparently this isn't the first time...

Interviewing Karen Finerman on her opinion of bitcoin and where it's headed is more useless than an ejection seat on a helicopter. Literally all she knows is buying shitty value traps and holding them for years, literally zero idea of how to trade. #FAIL

— CR (@CashRocket) November 17, 2020

The Truth about Bitcoin 

The truth is Bitcoin has been trading in a sideways range - like most everything else - for going on 5 years now! Is a worthless thing, which is backed by nothingness, and to compare it to gold is utter idiocy.    

Homework 

Chart Bitcoin 

Find where Bitcoin was trading in Oct 2021, and see what happened next 

CNBC Fast Money Final Trades:
Tim Seymour: Schlumberger $SLB $34.82
Jeff Mills: Prudential $PRU $110.99
Karen Finerman: Bitcoin $BTC $61,758.53
Guy Adami: Biogen $BIIB $269.50@timseymour @jeffmills_bmt @karenfinerman @GuyAdami @CNBCFastMoney @CNBCFastMoney

— Trakfeed (@trakfeed) October 18, 2021

The broader market? 

Don't even get me started... 

Yes, I'm still Net Long in the 401k account, but I'm unimpressed with yesterday's Monday morning surprise to the upside, in the same sector - the only sector - that's been pumped for the past several years, Tech. 

$PSE - NYSE Arca Tech 100 Index - Trading at all time highs 

$DJUSTC Dow Tech - Not much of a breakout, but a good thorough retest of the 2021 bubble level. 

The SPX?

Key support on $SPX market futures 4662. I question if yesterday's breakout will last... pic.twitter.com/tONa7WqepA

— Veteran Market Timer (@3Xtraders) December 12, 2023

Take Care, AA

A November To Remember?

 

 A November To Remember

 

This was the false narrative I saw being pushed by the lame stream media, immediately after Friday closing bell; "A November To Remember". 

I also saw someone on Bloomberg refer to it as the "everything rally",

which is a bold faced lie.  

Anyone who is still buying the dip on China, and Energy stocks, would have to agree....

The powers that be continue to sell energy, and buy tech #Stocks. The sector rotation; I've been predicting for months

— Veteran Market Timer (@3Xtraders) November 16, 2023

 

Granted this has been a nice rally, but looking back at recent history, it was really nothing to write home about. 

$NYSE - comparing the past 3 November rallies - 

Bloomberg also referred to the short sellers being "sad", which takes the cake, when most pro short sellers covered in early Nov., ahead of the Thanksgiving break. 

I later saw the fool who hosts "Balance of Power", pose the question to a scheduled guest... "how does the November rally help Joe Biden in 2024" - paraphrasing. Then it all made sense... and just as I predicted earlier in the year, stocks would rally in order to help the current administration....

How much longer can this rally last? 

Not much longer - I think - now that we see the Dow - which typically lags - catching up. 

That was another prediction... that Dow stocks would lead.... and I think we will see more of that in 2024.

#DowJones breaks out. There's that "new leadership", I was blogging about weeks/months ago! #Dow

— Veteran Market Timer (@3Xtraders) December 1, 2023

I was planning to send out a newsletter telling folks  that I had gotten the 401k out of the bond fund - which I did - but I never got around to it, and since I actually went all in on the Small Cap fund - I was already invested in - I didn't see any urgency...  

I think the marker can go a little higher, as we get closer to Hanukkah, which just happens to fall on OPEX Friday. That's the date I'm watching. 

Take Care, 

AA