The interesting thing about this weekly chart is that UVXY RSI on this weekly chart is coming off extreme oversold levels. AND the RSI weekly is still quite low at 44. To get to overbought RSI (70) UVXY price can have significant upside...
"with each cough of Biden the UVXY pops more" heh...
As bad as Biden is, I guess the markets still prefer him over Kamala. That we ended up with a senile old man as President is indicative of how messed up we are as a country and especially how messed up the Democratic party has become.
Yes it's a real mess in politics both on the republican and democratic sides. The division is a lot of the problem. It's clear that nobody wants the job of President.
However looking out further I think it will calm down and the division will disappear. We are near rock bottom in politics and can only get better...
Too many Morons ---running the government---not looking at the percent of bullish traders--we are currently about 25%--under 20%--we can flush out to 10%!
Nasdaq sitting at 100 ma, SP at about 75 ma. Both had what could be exhaustion candles today. If I remember correctly, during the initial covid, both would sell off on Friday because news risk over weekend was a concern. However, this correction is only 5% at best. A usual correction is a little deeper. Your guess is as good as mine. However, we are getting closer to backing the truck up for an xmas rally. I think I saw a bit on Cramer suggesting Dec 15.
Last week we met my 4,500 SPX target. Probably a bounce is likely to materialize soon. The 200 day average at 4,305 SPX is a target looking out 3 months.
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Markets may be down into December 8th.
ReplyDeleteThe interesting thing about this weekly chart is that UVXY RSI on this weekly chart is coming off extreme oversold levels. AND the RSI weekly is still quite low at 44. To get to overbought RSI (70) UVXY price can have significant upside...
ReplyDeletesc,
ReplyDeletethanks looks good!
Great call my friend, UVXY $25. You called this very well. Too much complacency in this market.
DeleteWith each cough of Biden the UVXY pops more.
ReplyDeleteWASHINGTON (Reuters) - A hoarse-sounding President Joe Biden said on Friday he has a cold, possibly contracted from a grandson.
After a speech about the U.S. economy in which he sounded congested and coughed several times, reporters asked Biden if he was okay."
"with each cough of Biden the UVXY pops more" heh...
DeleteAs bad as Biden is, I guess the markets still prefer him over Kamala. That we ended up with a senile old man as President is indicative of how messed up we are as a country and especially how messed up the Democratic party has become.
Yes it's a real mess in politics both on the republican and democratic sides. The division is a lot of the problem. It's clear that nobody wants the job of President.
DeleteHowever looking out further I think it will calm down and the division will disappear. We are near rock bottom in politics and can only get better...
Took profits sold DWAC $43.45.
ReplyDeletesc,
ReplyDeleteToo many Morons ---running the government---not looking at the percent of bullish traders--we are currently about 25%--under 20%--we can flush out to 10%!
lets see what they start buying there?
UVXY can still get some pullbacks and I will look to add on those next. I don't think it is ready to moonshot just yet.
ReplyDeleteUVXY daily is extended and may pullback soon, but weekly looks good for further upside.
ReplyDeleteThank you SC. I am of same opinion, we are close to ending wave 1, wave 2 to follow. That shall be the best place to long volatility. GL
DeleteYes I am confident in the price target. However we are waiting now for the timing to mature. The element of surprise.
DeleteHello SC, XBI is at 108.89. Is this close enough to your 107.00 to start a position?
ReplyDeleteIt's probably close, but I'll still wait. Maybe another week or two.
DeleteUVXY stopped out at $24.06.
ReplyDeleteI'll wait for a pullback to reenter.
DeleteBoth SPX and VIX targets hit today. 4,500 and VIX 35.
ReplyDeleteNasdaq sitting at 100 ma, SP at about 75 ma. Both had what could be exhaustion candles today. If I remember correctly, during the initial covid, both would sell off on Friday because news risk over weekend was a concern. However, this correction is only 5% at best. A usual correction is a little deeper. Your guess is as good as mine. However, we are getting closer to backing the truck up for an xmas rally. I think I saw a bit on Cramer suggesting Dec 15.
ReplyDeleteYes a Santa rally looks likely. A little more work to do on a bottom formation this week and then should be ready to rally.
DeleteSc... what is the ultimate downside target for the next say 3 to 6 months on the spx ?
ReplyDeleteLast week we met my 4,500 SPX target. Probably a bounce is likely to materialize soon. The 200 day average at 4,305 SPX is a target looking out 3 months.
Deletesc,
ReplyDeleteon more down this week---Wednesday---should be the low!
Santa rally will start soon after that!
Yes, that's the plan! Wednesday/Thursday
DeleteTo get back into volatility plan to wait for the virus to circulate. Spread through the country. After Christmas.
ReplyDeleteNew chart posted!
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ReplyDelete