Page menu

Friday, January 30, 2026

Gold/Silver Flash Crash, Nasdaq Tumbles -2% ($MSFT -12%), Tesla Bounces Out of the Pocket

Let’s start with the precious metals circus, because it was almost comical yesterday. No sooner than I called it a "speculative bubble" - in yesterday's update [link] - gold and silver straight-up flash-crashed like it owed someone money. 
I also warned about the bagholder risk in the $SPX, and when the music suddenly stopped traders who were relying on the 15 min chart for support suddenly had the rug pulled. Is short term support broken? Damn right it is! I’m not pounding my chest here, but the timing lined up nicely. No dollar collapse, no hyperinflation trigger – just a classic speculative unwind. I was posting the real-time laughs as it unfolded:Peter Schiff has since deleted that tweet, but his legacy lived on😅


Update on Silver this morning:  I jest but this trading the way it's meant to be! 
Then, right on schedule, almost immediately - 1 hour later - the dip buyers piled in and prices snapped right back, with Gold futures actually making new highs, and the Dow closing nearly UNCH. Nothing suspicious about that bounce at all (sarcastic), although it is textbook wave 2 behavior in Elliott Wave terms: sharp selloff, panic, then reflexive FOMO covering and dip-buying that sucks everyone back in thinking it’s “healthy.” Sure, most of what you learned in old-school Elliott Wave circle-jerks (mostly hog-wash) strict rules and guidelines, and bearish patterns that no longer work like they did, pre-algos, pre QE infinity, pre-PPT (plunge protection team), but the one thing never changes: human nature. The meat puppets still FOMO buy every dip like it’s going out of style. And that brings me to the broader market.
Yesterday’s open was brutal across the board – Nasdaq down -2%, led by Microsoft getting absolutely scorched -12% (worst day since the Covid crash). 
Futures are soft again this morning, with some headlines blaming “Trump's pick for new Fed puppet”, or Apple, but I think it's just a little wobbly, after yesterday's chaos. 
$SPX update: The 15-minute chart we were watching cracked almost instantaneously, triggering the initial spill. Seeing more weakness this morning, but yesterday's low becomes key support. I have a good idea where I think the $SPX is going over the next few months, but I'm not showing my hand, as usual. Directly from the 3xtraders playbook: "Loose lips sink ships".  
Bright spot: Tesla ($TSLA) - the one they love to hate 😅
Bouncing out of the pocket I highlighted, near the lower end of the range. Boring, right? I still like it here short-term. Longer-term, though, don’t sleep on that bigger topping pattern from yesterday’s blog – and all the xAI/SpaceX merger chatter feels more like desperation than creative expansion. The latest $XOM sold on good news. This seems to be the new trend looking at Apple as well. 


 Stay sharp out there – volatility is serving up plenty of opportunities, as well as plenty of traps.
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)