Get in Touch

A New Bull Market? I Say Sell The Rally!

December 1, 2022
The Money Magicians
The Money Magicians Blog G. Allan Collins

Good Morning,

Wow wholly Short Squeeze. SPY made another higher high and higher low yesterday as Fed Chairman Powell seemed like a totally different person than he was just a few weeks ago. Powell went from saying that the Fed has to raise rates until we get inflation back to 2% to now saying”smaller interest rate increases could   start in December. So he was lot more dovish than he was just a few weeks back. We are coming into serious resistance at SPY $411. If we break through SPY $411 (The Resistance trend-line) and take off from there, the technicals would suggest a new bull market, although it’s hard to believe, if we get follow through on high volume the charts would indicate a New Bull market. There is Support at $403, 400, $390 and then the GAP close at $381. I would not suggest taking any new positions here as we are at critical resistance. We are short NVDA and Own Puts

Cheers,

G. Allan Collins.

Share:

Comments

Leave the first comment

Verified by MonsterInsights