This article from Bloomberg perfectly describes the casino mentality that the institutions are engaging in. The big boys with their trillions are trying to throw money at the market, praying the Fed will fix inflation ( likely through a pivot to lower rates).
You folks are not watching my videos, but if you will watch the video today as I explain the implications of a non-time-symmetrical XABCD pattern in the MNQZ22 on what could happen. We could see potential highs over the next three days from 12000 to 12144 or higher, or if jobless claims and other data favor the bears’ case for more rate hikes back toward 11676 or even 11588 or lower.
The euphoria of last week could be the agony of coming weeks if economic data favors rate hikes, as Jerome Powell has hinted. Portfolio managers are no longer really looking at fundamentals but are looking for momentum provided by government interference. I personally don’t think that is a good long-term investment strategy, but then again I don’t have $5 trillion dollars to throw around.
PLEASE WATCH THE VIDEO. I think you will find it helpful.
Thanks again for supporting the blog! More soon.
Economic data courtesy of Econoday dot com.
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