We saw the Dow make a new all time high, on yesterday's FOMC announcement, and of course the lame stream media - who writes the script - was seen cheering the 500 point surge on the Dow.
I kind of saw this coming in Sept. when I said ,"I think the market is setting up to appoint a whole new group of (market) leaders, as we trade into 2024."
I was partially right - on that call - although we aren't trading in 2024. This is still 2023, and we continue to see the bulls cling to the same old high fliers, as they have... in the past.
Knowing that the DOW tends to lag this sort of rally, and that this is short squeeze season - as I've written about too many times to count - also has my spidey senses tingling.
Is this bearish capitulation?
This looks like the kind of capitulation we've seen in the past. That's a term you never hear traders talk about anymore.
It seems that all we ever hear nowadays is "soft landing".
What I find most disturbing about yesterday's rally, is that the market immediately started pricing in high inflation, as investors rushed into Gold, and Bitcoin.
The FOMC helped #Bitcoin more than it did stocks. #TheFed pic.twitter.com/xdeZqEkJHK
— Veteran Market Timer (@3Xtraders) December 13, 2023
Gold
I saw that coming!
I still like #Gold... pic.twitter.com/hCLeBAivPq
— Veteran Market Timer (@3Xtraders) December 11, 2023
3X gold miners surged 12% - probably the best trade of the day
I guess I sold small caps a little early, but I'm fine with that
$SML S&P Small Caps - updated chart
$SPX - I can show you what I found on the S&P 500, because I have no interest in this rigged market.
$VIX failed to take out the 11.50 target, but we could still see that before year end.
Take Care,
AA
No comments:
Post a Comment