Our thoughts last week for either lower lows or at best, consolidation, were obliterated on Friday.
The Wall St Journal "reported" that some Fed members were concerned at the condition of the economy regards tightening rates...this was the catalyst to spook the bears and cover.
Yes we acknowledge that markets were oversold, but it is often at this condition that we witness a capitulation move that has yet to materialise. Goosing the media to force bears to short cover is a classic action where those most pessimistic are taken out.
We do not believe the Fed will pivot until they have caused enough carnage to warrant such a trapped situation. The dollar will be toast and PM's will soar!...but not yet.
Although Friday's move was frightening for the bears, nothing has changed, it is a bear rally to sell. These rallies are vicious and come out of nowhere, they are by design to blow you up. Over leverage or getting short too late is the trigger for damage control.
Futures have spiked and fallen now, this is what we wanted for today...a blow off top!
Notice the Fibonacci 50% retrace of the first wave down has stopped at exactly the 50%
The bear wants everyone to lose, bulls could well be the suckers this week, these whipsaw moves are fast and powerful...there is serious unfinished business to the downside to come.
Summary, looks to be a blow off top in the futures...a gift for the bears?
Appreciate a thumbs up...Good Trading & God Bless!
The Wall St Journal "reported" that some Fed members were concerned at the condition of the economy regards tightening rates...this was the catalyst to spook the bears and cover.
Yes we acknowledge that markets were oversold, but it is often at this condition that we witness a capitulation move that has yet to materialise. Goosing the media to force bears to short cover is a classic action where those most pessimistic are taken out.
We do not believe the Fed will pivot until they have caused enough carnage to warrant such a trapped situation. The dollar will be toast and PM's will soar!...but not yet.
Although Friday's move was frightening for the bears, nothing has changed, it is a bear rally to sell. These rallies are vicious and come out of nowhere, they are by design to blow you up. Over leverage or getting short too late is the trigger for damage control.
Futures have spiked and fallen now, this is what we wanted for today...a blow off top!
Notice the Fibonacci 50% retrace of the first wave down has stopped at exactly the 50%
The bear wants everyone to lose, bulls could well be the suckers this week, these whipsaw moves are fast and powerful...there is serious unfinished business to the downside to come.
Summary, looks to be a blow off top in the futures...a gift for the bears?
Appreciate a thumbs up...Good Trading & God Bless!
Comment:
Today's shooting star is even more pronounced than yesterday.
Big turn down and reversal.
It has been frustrating to endure this weeks rally, clear as a bell today.
Big turn down and reversal.
It has been frustrating to endure this weeks rally, clear as a bell today.
Another 1% should be it at the maximum.
They wish the bears gone.