Rally faltered
It is quite clear now that the rally followed the CPI print was not justified by fundamentals, it’s pure euphoria in my opinion. This is why when the Fed officials came out to reiterate their hawkish stance, the market starts to readjust itself.
Also a gentle reminder, inflation is still running hot, very hot, and it’s more than 3 times the Fed’s 2% target rate.
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dwarrior : Market oversold soon. Will rebound slightly
BeBlessed : If vix shows double bottom, it means it is a sign that vix might be turning bullish. Am I correct?
Always Hungryy : lots of emotion around. when good news, price up. when bad news price drops. when people put emotions away and think twice, price adjusts.
Cow Moo-ney OP BeBlessed : Yup. But for a double bottom to form, it should rebound yesterday or today based on the candlesticks. However, the latest candlestick went further down; and the longer it drags, the higher the possibility that the double bottom will be invalidated
Cow Moo-ney OP Always Hungryy : That is why the market moves irrationally in a lot of situations
BeBlessed Cow Moo-ney OP : Not easy to trade these 2 mths. Only on and off did some scalping when I comfy to open a position be it long or short.
Cow Moo-ney OP BeBlessed : I spotted another potential double bottom - a bigger one if you zoom out the chart. But VIX has to go till around 19 first, and then if double bottom forms, it will shoot up. This means, stock market to rally in the very short term, and then falls.
Not financial advice. Really depends on whether the double bottom plays out. And one shouldn't use VIX alone to trade.
BeBlessed Cow Moo-ney OP : Kamxia Bro. I am flying off for holiday this weekend hence dont have the intentiob to open any position yet.
Moreover tonight there's fed meeting min and a short trading week. Shall just sit aside and observe first.
trade safe ya?
bwjx : I can only say based on my technical oil etf is forming a topping pattern, and oil stocks are already elevated so going short should be OK. For the major indices have to wait a little while for the bearish divergence to play out.