THE WEEK AHEAD *and farther Ending August 5
A quick look at my momentum plays and a few commodities.
This is a really good BEAR market rally. It is nearing (if it hasn't hit) a temporary top. That's right a TEMPORARY top, because this rally is going to pullback and launch again.
Q: But iam how do you know that, and why would it do that?
A: The charts tell me there is a top approaching, and human habit tells me there is a momentum wave building, let me explain- the market went through a series of highs this last week and MANY investors missed out, we know this because retail money didn't enter the market or it went short (silly retail🤦🏻♂️). Now that the market is so high (relative to its recent self) retail and institutional is hesitant to enter, with few new buyers and profit takers leaving, the markets will fall back down and those that missed the run will start to enter once prices retrace back to the breakout price point. When this happens profiteers will pounce back in driving the next leg even higher.
I expect the rally to go into mid August, and I still expect a big September drop. iam watching the US farm report (the best farm/weather "news" if you ignore the hosts and their pro government bs) and it is all bad, the quote I wrote down was from the Feeding America CEO (they manage and track inventory in food banks) who said "America is transitioning from a pandemic crisis to a hunger crisis", and America is in great shape when compared to say Europe... Europe is going to crumble so hard I wonder if they even know? They seem to be like happy lemmings running gleefully towards the cliffs and their inevitable doom. (and not Cleveland Cliffs Hahaha)
This is a really good BEAR market rally. It is nearing (if it hasn't hit) a temporary top. That's right a TEMPORARY top, because this rally is going to pullback and launch again.
Q: But iam how do you know that, and why would it do that?
A: The charts tell me there is a top approaching, and human habit tells me there is a momentum wave building, let me explain- the market went through a series of highs this last week and MANY investors missed out, we know this because retail money didn't enter the market or it went short (silly retail🤦🏻♂️). Now that the market is so high (relative to its recent self) retail and institutional is hesitant to enter, with few new buyers and profit takers leaving, the markets will fall back down and those that missed the run will start to enter once prices retrace back to the breakout price point. When this happens profiteers will pounce back in driving the next leg even higher.
I expect the rally to go into mid August, and I still expect a big September drop. iam watching the US farm report (the best farm/weather "news" if you ignore the hosts and their pro government bs) and it is all bad, the quote I wrote down was from the Feeding America CEO (they manage and track inventory in food banks) who said "America is transitioning from a pandemic crisis to a hunger crisis", and America is in great shape when compared to say Europe... Europe is going to crumble so hard I wonder if they even know? They seem to be like happy lemmings running gleefully towards the cliffs and their inevitable doom. (and not Cleveland Cliffs Hahaha)
Enough gab, onto the charts:
First up the dollar, because a high dollar is a headwind to big multinationals (especially tech like google amazon apple) and commodities. A falling dollar will lift the big tech and commodities.
$USD(USDindex.FX$
First up the dollar, because a high dollar is a headwind to big multinationals (especially tech like google amazon apple) and commodities. A falling dollar will lift the big tech and commodities.
$USD(USDindex.FX$
I expect a 104 dollar, lifting the markets.
$Invesco QQQ Trust(QQQ.US$
$ProShares UltraPro QQQ ETF(TQQQ.US$ Bullish 3X leveraged
$ProShares UltraPro Short QQQ ETF(SQQQ.US$ Bearish 3X leveraged
$ProShares UltraPro QQQ ETF(TQQQ.US$ Bullish 3X leveraged
$ProShares UltraPro Short QQQ ETF(SQQQ.US$ Bearish 3X leveraged
$Qualcomm(QCOM.US$ iam playing Qualcomm for another pop, some chips are getting wrecked, some are flying, i have to believe Qualcomm will fly.
$Cleveland-Cliffs(CLF.US$ STEEL. iam down to my last few handful of options, I still want to see this break 18 on this push, 1 .00!!!
18.5 or ~22 it depends on how well we pull back.
$Alibaba(BABA.US$ I messed up and pulled my hedges without reading news releases and they have some sort of stock or business deal with Iran causing regulatory concerns. This is still in an uptrend, I just may re-hedge.
$Crude Oil Futures(JUL4)(CLmain.US$ Some traders I really respect forsee an oil fall into the 70's, I don't.
it's late and iam tired and worn out. Apologies for the shortness of the tickers. I hope everyone is well; mentally, physically, emotionally and financially and as always
Good Luck
Good Luck
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Mike Obama : nice!
warrior-sailormoon : Thank you iamiam
CrazyEnuff : thanks
sayno : Thank you iamiam!