UPDATE April 16
Another quick update since yesterday went south.
This will just be quick. The market wants more downside. A lot more. This could be a huge years long top. I don't like the way it topped. it's not a true top to me, not that that matters to the markets. We could see a strong rebound. but not until we get to a good holding point. Watch the 5 MA on the daily chart. As long as price remains below that the upside is limited.
I'm looking at more downside to the 420 area. we could test the 50 and 5 first. the 50 MA is around 437, and the 5 MA is around 439.5. Powell speaks today, so big moves are possible. Anything below the 5 MA (and especially the 50 MA) is a sell the rally. it's not bullish until it can get back above those.
I sold the early rally yesterday
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I didn't like the breakdown. it could still go higher, especially at earnings. But i no longer like nvidia. I don't like anything except coal and maybe cheap metals miners.
with all that selling coal held up well
That was quick and to the point. the nasdaq could have put in a multi-year top. or not. I only don't like the way it topped. but until it gets above the 50 MA and then the 5 MA I remain bearish.
Be Safe, Be Careful, Be Wise
and as always
Good Luck ![]()
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Maniac Fool : So Nvidia rise is only a dead cat bounce since it has formed head and shoulders?
iamiamOP Maniac Fool: it could make a new high, especially at earnings. but I do not believe it has a sustainable bullish run. I think it's only spikes leading to drops. call it a dead cat bounce or whatever. I don't like it, especially as an investor. I wouldn't touch it here.
icezzz : What time Powell speak ?
iamiamOP icezzz: news says 1230. fed website says 1:30
icezzz iamiamOP: Thanks
icezzz iamiamOP: Thanks
cheerfulknight : Do u think tesla’s earnings will be bad next week?
iamiamOP cheerfulknight: probably, but earnings don't matter as much as what elon says
SpyderCall : Hey, iam. Have you heard anything about how the Federal Reserve is planning on changing the Statuatory Liquidity Ratios for banks? Supposedly, they are changing it to provide more liquidity and spur demand for Treasuries. I'm still trying to find more information about it, so I don't know if it is just a rumor. That is why I wanted to ask if you have heard about it.
iamiamOP SpyderCall: change it from what? they already allow the banks to "hide" treasuries and deposits at the reserve... that's an honest question.
they have to maintain 3% capital/assets. during the pandemic, they changed it so that treasuries and reserve deposits didn't count in the equation.
if they are planning some back way of the fed straight up buying the treasuries, I'm not aware of it. but as far as I know, treasuries are exempt from SLR.
I hope we are talking the same thing
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