Disclaimer: For educational use only. I’m not dispensing financial advice. We are having an intellectual conversation (you and I) on the topic of trading the Emin futures using the Lens of Wyckoff Principles and the Eyes of WB’s clock. The clock that controls all turns intraday, every day!
I’m amazed at how Silicon Valley is no longer the “Darling” of Wall Street. What concerns me is after all the layoffs last month it would imply that they are no longer developing products for consumers, i.e. real people…
Sure they had tremendous bloat. That was spurred up by your pension money and hot money from unemployed drifters getting free money during the pandemic. Now, if we take away the punch bowl they might start to slip. And they have special exceptions/considerations. Take those away and well, you get the picture…
Sure the ones that were laid off will go to some other crappie app company and create more crappy apps. The angel investors will benefit from them. I’m thinking the switch is going to be to AI (Artificial Intelligence) and Centralized Digital Currency.
The point is the QQQs and FANGS are no longer going to save the day as long as the Fed keeps the pressure on.
From Thursday AM TURN: The market drifts back down and closes weak. That should about say it all. From the PROS and NUMBASH page 2: 7/8/9 AM Trade: Look to be probing for lower lows. Today: Will need to see if the market will continue in its downward direction from yesterday. Shape of the day: Strong trending day either way.
Yes, I meant to type down but every trader knew yesterday would be a down day. Now could it have gone up on the news? 50 or 75 points either way it’s gonna hurt. The contract has changed over. Which may have some effect on price.
The question on traders’ minds is; “Can we have the Santa Clause rally now?”
Looking Forward to December 16, 2022
Due to recent changes in market behavior I’ve decided to change my focus to Time based trading. This allows you to benefit from the flow of the arrow of time and not fight against the algos in the nanosecond.
Potentially we are oversold and the volume was light yesterday. Perhaps a little further dip today and then we’ll see how next week fares. It’s approaching Holiday Week. Some traders, usually the bigger ones just take the last two weeks off and enjoy the fruits of their labors.
Price held the bid at the 3880 from 1:00 pm to 2:30 pm call it an hour and a half. Then a 25-handle rally followed.
Perhaps we may spring the level today. Downside if we lose the 3880 handle, there is nothing for the next 40 handles or more.
Odds favor a potential recovery due to the oversold condition and the shortening of the downward thrusts.
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