The EOTWAWKI Sale
Final 48 Hours
There’s something deeply satisfying about being short when the buy and hold crowd is freaking out over the massive (their word, not mine) 5% Brexit drop in the S&P 500. And, that’s what pebblewriter.com is all about — catching most of the moves most of the time, regardless of which way it’s going.
Ordinarily I wait until the actual end of the month to start any kind of membership sale. But, we’ve had a pretty good month so far [CLICK HERE]; and, I have the feeling there are a lot of folks out there who are truly confused about what’s going on.
Be confused no more. Sign up for an Annual Membership at over half-off the first year or, even better, a Charter Annual Membership where your rate is guaranteed to never increase for the life of the site. Don’t delay, as this promotion ends on July 2.
Were you frustrated a few times last month? If you’re anything like me, you found the degree of market manipulation downright stunning. But, we were presented with some great opportunities — from the 5% Brexit correction to Wednesday’s CL short, and several USDJPY shorts.
I’ll have last month’s results up this morning, but in the meantime, take a look at USDJPY. As expected, the rising purple channel broke down last night.
Our bonus chart from 7:30pm last night…
…and, the same chart this morning. We’ve talked many times about how USDJPY has been reduced to a tool for manipulating stocks (just yesterday, in fact.) Consider NKD, which has been building a sharply rising channel all week since Brexit. USDJPY needed to reset last night, ideally to flesh out the less steep white channel I expected to take form.
Note the tags on NKD’s channel bottom, labeled 1-3. And, note the placement of the same labels in USDJPY. Which was the tail and which was the dog?
There are a number of charts which indicate SPX should take a breather, now that the month/quarter are over. But, will it? It’s been a hell of a ride since popping back up above the DO NOT CROSS channel top on Tuesday, its first of three gaps higher this week.
CL, which is now off 4.2% since our top call on Wednesday, suggests we’d be safe shorting here — particularly if it doesn’t pop back above the purple channel midline. With the holiday weekend just ahead, it’d be pretty easy to undo whatever damage TPTB allow today.
continued for members...
Sorry, this content is for members only.
Already a member? Login below…