Interim Update Aug 4, 2023

[SOL]

If everything goes according to plan, then we are close to a short-term top. It could occur as early as today though tomorrow would be a better day. Fridays are generally better days for reversals or tops; either way, it keeps traders guessing over the weekend that by the time Monday comes around, they are too confused to act after coming up with so many scenarios that it's impossible to act on any of them.

FYI, the projections for the markets to rally Until Sept-Oct are still in play.

[AstuteShift]

What’s interesting is huge bear flows for next week for SPY, likely due to CPI print next week I believe.

Manflation likely to still be high lol

[AstuteShift]

Yesterday 40 million of QQQ pits were bought, also SPY although a little bit lower.

Downside target 4020 or 3090 ranges. Pre market looks scary for the masses who bought at the lowest volume lol as usual

[chippermon]

Yeah, I'm seeing a pretty large pocket of liquidity between 3917 and 4001. That should suck up a lot of the downdraft.

[AstuteShift]

Yeah, I'm seeing a pretty large pocket of liquidity between 3917 and 4001. That should suck up a lot of the downdraft.

Slam dunk short trade

Now the criminals could ramp it but with CPI print next week, there will be definite volatility. The retail crowd has been piling in on calls too much this week so it’s time to herd the sheep before they going into long positions

[bpcw]

I've lightened up on my QQQ position with the hope of buying back in near the bottom of this pullback which could be starting today, either way I've taken profit off the table.

[Yodean]

Now the criminals could ramp it but with CPI print next week, there will be definite volatility. The retail crowd has been piling in on calls too much this week so it’s time to herd the sheep before they going into long positions

There's a decent % that CPI prints a bit lower vs. expected (given drops in oil and other commodities in recent months, etc.). This could set up a short-covering rally of sorts ...

[AstuteShift]

Now the criminals could ramp it but with CPI print next week, there will be definite volatility. The retail crowd has been piling in on calls too much this week so it’s time to herd the sheep before they going into long positions

There's a decent % that CPI prints a bit lower vs. expected (given drops in oil and other commodities in recent months, etc.). This could set up a short-covering rally of sorts ...

Also Elon the fraudster con man splitted his stock 3 to 1, this is will add to the feeding frenzy

I’m going for a short term top play and then will gauge the flow and sentiment after CPI

[SOL]

Yeah, I'm seeing a pretty large pocket of liquidity between 3917 and 4001. That should suck up a lot of the downdraft.

It's a short-term top we are looking at; at most, it will last ten trading days. In those ten days, there will be some sideways action. Right now, the Nas is building the case for a test of the 13800 to 14,100 ranges.

[PuppBaby]

There has been significant volatility this past 2 weeks, with jumps of 15-20% in companies. While I feel there will be side ways action I do think we will continue to see this, today its Trip adviser, prior it was UBER/ASAN.

My bet is MGNI or MOMO is next for a 15-20% jump. However, I am not playing that roulette I'd rather buy more qqq

Can you guys elaborate on CPI? I haven't a clue on this statistic.

[SOL]

There has been significant volatility this past 2 weeks, with jumps of 15-20% in companies. While I feel there will be side ways action I do think we will continue to see this, today its Trip adviser, prior it was UBER/ASAN.

My bet is MGNI or MOMO is next for a 15-20% jump. However, I am not playing that roulette I'd rather buy more qqq

Can you guys elaborate on CPI? I haven't a clue on this statistic.

These two links will help shed some light on what CPI is

What Is the Consumer Price Index (CPI)?
The Consumer Price Index (CPI) measures the monthly change in prices paid by U.S. consumers. The Bureau of Labor Statistics (BLS) calculates the CPI as a weighted average of prices for a basket of goods and services representative of aggregate U.S. consumer spending.

The CPI is one of the most popular measures of inflation and deflation. The CPI report uses a different survey methodology, prices sample and index weights than the producer price index (PPI), which measures change in the prices received by U.S. producers of goods and services.



https://www.investopedia.com/terms/c/co ... eindex.asp

https://www.forbes.com/advisor/investin ... ice-index/

[AstuteShift]

Cramer is now bullish on Tesla

Perfect for nexts week dump fiesta. I love Cramer

[SOL]

Cramer is now bullish on Tesla

Perfect for nexts week dump fiesta. I love Cramer

Maybe we might even get a blip upwards on Monday to make it look like all is well, and the Markets are going to rally higher. When they pull back, the late bulls will panic and sell, leading to a drop in the markets, but the masses will fail to note that the markets are putting in a higher low. The markets will reverse quickly and take out their current highs within 6-9 trading days

[Yodean]

Can you guys elaborate on CPI? I haven't a clue on this statistic.

CPLie is a bogus statistic, really. An underestimate of your loss of purchasing power, generally. Multiply by 2 or so and that's the average person's loss of purchasing power in terms of fiat currency.

From a trader's perspective, it's the market's reaction to the CPI number - i.e. the narratives around the CPI - that matter, in the short-term.

A superficial example: let's say the CPI prints a bit lower than what the mainstream financial press expects - the narrative becomes, "YES! Inflation is rolling over, so Fed won't have to be as hawkish in the fall, so I will be a genius super-trader and buy a bunch of leveraged tech stocks! HAH!" So the Nasdaq goes up a bit.

Alternatively: CPI prints higher than expected - narrative becomes: "I knew it! So Fed will have to continue to tighten into a weakening economy to fight inflation. I will be a superninja trader and SHORT the living daylights out of Tesla! HAH!" So Nasdaq goes down a bit.

I try to focus on the narratives (lies) being spun ...

[DOCLUC]

Hello.

In latest MU (08/09) are mentioned exit point with trigger Nasdaq at 13500-13700 points

Is the 13500 level referred to IXIC (nasdaq composite) or to NDX (nasdaq 100)

Maybe naive but ...
thanks