XBI Biotech has been weak and is only finding some temporary support at the 200 daily average. This is a common chart and typically lower prices follow. Daily
Oil consolidating a little. Looking at XLE the weekly chart continues to show tremendous strength with both 50 and 200 averages pointing up. We do have to wait for timing, the 200 should start turning up more aggressively.
VIX is relatively low but can stay lower for extended periods so it's all about timing. I think we could do something with VIX this year possibly to 30. So let's wait until it's ready.
Yor right realstate is gonna pop to upside and my target spx could be 200 points higher on spx 5471 to 5500 last time july 12 we hoped 150 plus pointsin 2 weeks let's see what happens
It's a go and will happen. Charts look excellent for Oil. I notice major Oil companies have been buying everything. However this is a big play and we're still waiting on timing. For the XLE calls plan to position just as it happens.
Thanks Rob. Biden has been selling gasoline before July 4 which only has a short term effect. So after July 4 could be more interesting. And of course leading into the election.
"The rollout of the Biden administration’s CHIPS Act award money has so far focused on providing major awards for major companies, with just four leading-edge semiconductor manufacturers receiving the lion’s share of the $33 billion that has been allocated to this point.
Now, with $6 billion remaining, the focus is shifting to sending smaller awards to smaller companies—dozens of them, up and down the supply chain."
This is the second time we've seen the Hindenburg Omen this year, correct? SC, do you think there's potential for the up, or are we headed for a crash?
With the Hindenburg Omen what we want to watch for specifically is a cluster of events. So we have a single event. Let's watch for a multiple event 3 or 4 and that becomes a serious warning.
Markets had experienced a single Hindenburg Omen event recently. Once they start to cluster in multiples then we can see conditions ripe for the selloff. We know it's coming.
The debate is done and not much will happen now in terms of Election for a while. DJT could come down under $15. I'll plan to get in before the Election.
XBI I believe is about to plummet to $75
ReplyDelete67 is possible
DeleteWhile SPX had seen a 5% correction, Biotech has dropped 20% so far...
ReplyDeleteSC - oil pulling back - let us know when you think is a good time to load up on XLE calls? or still have more time to wait?
DeleteOil consolidating a little. Looking at XLE the weekly chart continues to show tremendous strength with both 50 and 200 averages pointing up. We do have to wait for timing, the 200 should start turning up more aggressively.
Deletewell, one dovish comment by powell, reducing runoff by 25Billion a month and one bad job report, bearish thesis wiped out for biotech now
ReplyDeleteSC, What about VIX?
ReplyDeleteVIX is relatively low but can stay lower for extended periods so it's all about timing. I think we could do something with VIX this year possibly to 30. So let's wait until it's ready.
DeleteAs I say the best opportunity out there in my view is long oil shares.
ReplyDeleteSC, do you see spy to 600?
ReplyDeleteProbably it will see a fresh high but it's going to have more difficulty advancing. It'll be slower going with corrections.
DeleteMETA certainly looks like a short...
ReplyDeleteAmericans spending most on groceries in 30 years!!!
ReplyDeleteYor right realstate is gonna pop to upside and my target spx could be 200 points higher on spx 5471 to 5500 last time july 12 we hoped 150 plus pointsin 2 weeks let's see what happens
DeleteHave a tendency to manipulate these things out of control
ReplyDeleteMarket has been up past 3 weeks. Time for correction yet?
ReplyDeletehttps://x.com/NorthmanTrader/status/1792915308312732079
ReplyDeleteInteresting weekly SPX RSI here...see if it develops into anything like the past two...
Delete"Biden to release 1 million barrels of gasoline to reduce prices at the pump ahead of July 4"
ReplyDeleteThe attempt to manipulate gasoline prices may backfire and kick off panic buying instead!
ReplyDeleteOil pretty much the only commodity that hasn't spike yet
DeleteSC - do you think it's time for XLE calls yet? Oil getting ready to spike soon?
DeleteIt's a go and will happen. Charts look excellent for Oil. I notice major Oil companies have been buying everything. However this is a big play and we're still waiting on timing. For the XLE calls plan to position just as it happens.
Deleteok will wait for your signal - thanks
DeleteOil getting crushed. Economy about to break lol?
DeleteOil getting ready to move to 95-100? Biden going to drain more SPR before election. This move going to backfire badly at some point soon?
Deletehttps://www.yahoo.com/finance/news/warren-buffett-9-day-buying-173906465.html
DeleteBuffett buying more Oxy shares
Nice! Buffett now up to about 29% of OXY. He continues to increase...
DeleteThanks Rob. Biden has been selling gasoline before July 4 which only has a short term effect. So after July 4 could be more interesting. And of course leading into the election.
Delete"The rollout of the Biden administration’s CHIPS Act award money has so far focused on providing major awards for major companies, with just four leading-edge semiconductor manufacturers receiving the lion’s share of the $33 billion that has been allocated to this point.
ReplyDeleteNow, with $6 billion remaining, the focus is shifting to sending smaller awards to smaller companies—dozens of them, up and down the supply chain."
It appears that much of the AI run can be accounted for by CHIP Act money and the money is coming to an end...
ReplyDeletei own nvda and mrvl soun any other stocks that are cheap you like in AI
ReplyDeleteNVDA has the momentum and can rise more but likely more choppy as it runs further.
DeleteLouis, I do have one stock play coming up. Just waiting for the right price.
DeleteFYI we have a Hindenburg Omen.
ReplyDeleteSignificant divergence between SPX/Dow/Dow Transports...is VIX ready for a pop?
DeleteMarket conditions are weakening but I think we are in for more consolidation.
DeleteThis is the second time we've seen the Hindenburg Omen this year, correct? SC, do you think there's potential for the up, or are we headed for a crash?
ReplyDeleteWith the Hindenburg Omen what we want to watch for specifically is a cluster of events. So we have a single event. Let's watch for a multiple event 3 or 4 and that becomes a serious warning.
DeleteTrump convicted on all 34 counts in criminal trial! They got him on tape.
ReplyDeleteSC, what is the single event
ReplyDeleteMarkets had experienced a single Hindenburg Omen event recently. Once they start to cluster in multiples then we can see conditions ripe for the selloff. We know it's coming.
DeleteTarget for the selloff?
DeleteLet's see how this develops. We could be due for another correction soon.
DeleteSC do you still expect we get a big correction here or ?
ReplyDeleteNext economic phase looks horrific. 75% of mortgages coming due.
Deletedoes the stock market get a correction this year?
DeleteThis may be the most profitable Election to trade ever!
DeleteSC - we got to your 5400-5500 target pretty quickly. Is the next move down to 2800-3000?
DeleteMy S&P target has been met! So we have to watch here, markets are moving quite slow now, and with the Recession approaching.
DeleteAny thoughts on BOIL?
ReplyDeleteI have an update coming for energy markets. In short term prices may still come down further but a run is coming...
DeleteGold forming H&S top which might portend a drop to 2100. Wonder if dollar is about to surge
ReplyDeleteThe debate is done and not much will happen now in terms of Election for a while. DJT could come down under $15. I'll plan to get in before the Election.
ReplyDeleteNew chart posted!
ReplyDelete