The Dash for Trash!
Well, it's been over a week, since my last blog, and the bears has been unsuccessful in their attempts to cause much panic selling, except in a few already beaten up sectors like tech, and Crypto, which I feel we need to include as a sector, since it seems like when crypto sells off, so does tech. And let's not forget about China, which I predicted would take several weeks to pull back, after the run we saw earlier in the year.
Here's that call:
We're still very early in the pullback phase. This could take several weeks, as I blogged yesterday 🙄 pic.twitter.com/Tok3nY2Apz
— Veteran Market Timer (@3Xtraders) April 6, 2022
Of course, the lame stream media tries to make this sell-off sound exciting, and confuse the masses, by using certain buzz words.... and even by having guests on to try to explain away the $VIX - out #1 market indicator - but at the end of the day we've only seen a few 300 point moves on the DOW, and even though the Dow was down 500 points - at one point - during yesterday's trade, it managed to end the day down only 100 points. This is important, because this early spring shakeout was only intended to shake out the meme traders, and tech junkies.
The DOW chart - for comparison purposes - Keep in mind a 3% move on the dow is about a 1000 points, and here we are still trading above the 30,000 level!
Getting The Main Event The Dash for Trash!
The dash for trash is an event which takes place on Wall Street every spring - for as long as I can remember. You wouldn't think the market could be so predictable, but you typically see retail investors shaken out of their favorite stocks, in the beginning of the year, before the sharks go on a bottom of the barrel feeding frenzy. Even the so called covid crash - which really had very little to do with covid - was sold in march, and bought in April (30 days later). Same thing in 2021. Why should this time be different?
We've already seen massive gains in a few names, like $COOK, and Carvana, and $RIDE, to name a few!
In short until the market can sell off in a bearish channel, and extend losses for more than a month, then I'm going to continue picking bottoms.
It's not like they (the controllers) have a choice but to continue throwing endless amounts of cash at this (ponzi) market, as they did when the market crashed in 2020, because they know, they're only 1 negative feedback loop way from the next Great Depression.
As long as investors believe the fed has "tools", which can prevent a financial dooms day, then free money is going to be put to work. Hyperventilating over Russia, Inflation, or even quantitative tightening isn't going to change that.
Of course a financial day of reckoning is coming, and in our lifetimes. This bull market is nearly 100 years old, and it has already traded into a massive liquidity bubble, and even Warren Buffett calls the directives market a financial "time bomb".
BUFFETT: This is the 'time bomb' in the markets businessinsider.com
I can't say for certain that the global collapse in equities hasn't already begun, but since Wall Street is picking up the trash, as they do every spring, I think not.
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I have a lot of charting to get caught up on, so I gotta run.
Hope to see you there, AA
