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Wednesday, May 29, 2024

Market Wrap-up May 2024

 Last time I blogged was in January, and not much has changed, when I wrote:  

  What's Wrong With This Market? A Picture Says 1000 Words!

Here's a 6 month view of the Russell 2000 treading water above the 50 day moving average, yet still trading in the same range that it was... 4 years ago. 

Of course the talking heads who work for the corporate owned lame stream media lie every day: 

These Fast Money clowns also lied, when they claimed that $SOX was leading... back around the time of the last correction - ahead of the Israel/ Gaza war. 

CNBC now makes the claim that they know where the market is headed over the summer, when they're obviously just reading a script; trying to sell memberships.  

The summer trade: Here’s how the S&P 500 fares between June and August—and which sectors stand out Link to paid content  Link to paid content  

The $VIX continues to be hammered, even when it looks like the WWIII ship has already left the harbor, and the networks pretend this is just business as usual.   

The truth is: we're almost half way through the trading year, and the Market Bulls have little to show for it. If you have a diversified portfolio that is.    

Sure, the Lame Stream Media will report new all time highs, as the retail short sellers are squeezed into yet another holiday - as we just saw - heading into Memorial Day - but nobody is making money in this flat market. 

I suppose this is why we see money being put to work in China, and Precious metals, even Silver.


Last day of May is Friday, and that sets up for a market rebalancing - in June - ahead of the Summer break, and the end of the year.  

Lately we're seeing every rally sold, so I'd be looking for new leadership... but I'm not about to start making predictions, or giving away specific targets. 

One thing I can confirm is that everything I've blogged about over the past 2 years - about the market being dressed up in order to help Joe Biden look good, and Trump look stupid, seems to be set in stone. 

 President Joe Biden's campaign ripped presumptive Republican nominee Donald Trump after the Dow Jones Industrial Average hit a record 40,000. The Dow's milestone comes with Biden effectively tied nationally in the polls with Trump, as the former president faces trial in New York - May 16th 2024 CNBC

You can follow me on twitter, and I continue to give away plenty enough there.

The latest great calls:

1. The bear trap set back in April - during Iran's drone attack on Israel, and Israel's response - 

2. The breakout in Semiconductors, namely NVIDIA $NVDA 

Take care, 


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