UPDATE March 8
FED testimony today in the house - iam going to admit something, this post was a lot of fun putting together ❤️ . Not because of what is about to happen (unless you're ready), but because the quotes lined up so perfectly I had to laugh. 🥲 seriously, I was cracking up writing this.... There is also JOLTS (Job Openinhgs & Labor Turnover Survey) released an hour before the market open. This could be market moving. I still believe we are in a downtrend and all bull runs are times to exit longs and go short. We have got a ride down left yet to go.
J Poww First Blood Part II -
They sent him on a mission and set him up to fail. But they made one mistake. They forgot they were dealing with J POWW.
Mr Powell, what about inflation?
"Nothing Is Over! Nothing! You Just Don't Turn It Off!"
Mr Powell, can you assess the situation?
“Old Men Start It, Young Men Fight It, Nobody Wins, Everybody In The Middle Dies, And Nobody Tells The Truth!”
Mr Powell, what do you say to the citizens of this country?
“I Want Them To Know That Death Is Coming, And There Is Nothing They Can Do To Stop It.”
Hahahaha, OK, enough fun, but seriously, what the FED and government are doing is madness, stupidity, ignorance, and I don't know what else to say. The government relented their responsibility to the FED in 1977, so they would always have a scapegoat. Since then, the stupid dog and pony show continues. Government policy causes inflation, the FED is late/slow to react, Government throws gasoline on it, FED panics, Government calls FED up to scapegoat and grandstand. None of it matters to the market, because it started selling before J Pow sat down.
***************
My new short position entered at 216. Might be a mistake, as you can see this meets my requirements for a "pinned" uptrend with bollingers and SLOW KD. It reminds me of Jesse Livermore (I use his scale often and his theories are legendary), who lost his vast fortune by not following his own theories (hubris is amazingly powerful),
“… a man must give his entire mind to his business if he wishes to succeed in stock speculation.”...“I have been in the speculative game ever since I was fourteen. It is all I have ever done. I think I know what I am talking about. And the conclusion that I have reached after nearly thirty years of constant trading, both on a shoestring and with millions of dollars back of me, is this: A man may beat a stock or a group at a certain time, but no man living can beat the stock market!”
*******************
Baba has 2 days, tops. to figure out what side of this trend it wants to be on.
$Cleveland-Cliffs(CLF.US$ Hopefully, this is a rebound so i can get the rest of my position out.
a run to 298 to 301 maybe, maybe? 304. I don't think so, I think this gets hit down. I believe bears are out of hibernation and hungry.
looking at a move up to 12200 (already reached) to 12400 before resuming the downtrend. A deep downtrend breaking 12000 near 11800 - 11500. We could reverse at any time. I expect them to push it up until Pow testifies a half hour after open.
***** a note on rates and the dollar - they will punish commodities - beware, commodities will get hurt badly here *****
Remember, these are not daily price targets. They are destinations. The market chooses the route.
Be Safe, Be Careful, Be Wise
and as always
Good Luck ![]()
J Poww is about to be “Your Worst Nightmare.”
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