SMC Update 6-15-23

06/15/2023


Comments (37)
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fast3777
fast3777

Thanks Peter.... "nobody rings a bell at the top" - heard on the NYSE floor years ago.

brian1469
brian1469

Thanks for the explanation Peter. Also I have learned that if the price stays close to the continuum and follows it in the direction of the original projection I think it is a good idea to keep in mind that the original projection could be hit.

The 48 daily on the ES 4510 was similar that it got invalidated and followed the continuum up and we missed it today by like 20 points we could still get up there but point being I feel like we should have been playing for it to more likely happen. Especially with the constant strength since the lows.

Today was euphoric though and we should come down to our senses and see were that leads us from here

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mikepowell.vietnam107
mikepowell.vietnam107

Today was the 42 trading day pattern that you shared last year.

ericoh792283
ericoh792283

Lol. Folks must be short for long time…maybe since October. It’s so hard to short the top, shorts loose most of the time

ericoh792283
ericoh792283

22 high for NDX is 16500, October low 10000. Today???? 15250. You missed 5000 points up? And still bearish. We got only 1250 to go to hit ATH? I think most of you have lost common sense. We are not in 2022. You guys are so funny trying to call for the top. So many bears like Peter and others have been burned.

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ericoh792283
ericoh792283

I thought Peter said NDX was the leading index. Is NDX 7000 target still visible? Or is he still emotionally tied to IWM and Dow which are getting its groove back?

ericoh792283
ericoh792283

I think Peter keeps forgetting what he said a week ago or anytime for that matter. I remember him saying if we pass 4300 relatively quickly, he would maybe concede and say bear market is over. But look at it now! It’s 4450. SPY, Dow and IWM slowly catching up to NDX.

brian1469
brian1469

The upper Bollinger band is 14938 on the weekly NDX. Can we close at it for the week.

Crazy how far we are above it

Also they are trying to crush the VIX it looks like it is putting up a fight which would be a change for a Friday

Spoke to soon they are crushing it now

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fast3777
fast3777

ericoh792283 said:

Lol. Folks must be short for long time…maybe since October. It’s so hard to short the top, shorts loose most of the time

I have made a lot of money shorting. Three keys is to know what vehicles to use,maximize leverage, and go far enough out. Patience is key because when the top comes,usually the panic is not far behind. Stocks can drop faster on the downside,but in the days of triple margin that seems about even. Like I said panics are where big money can be made quickly. Plan your trade and then work your plan. Good luck

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fast3777
fast3777

The "Top" is in. Japan ,Germany,NDX,SPX, ect all made top at the open. Bitcoin should start to accelerate down.

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fast3777
fast3777

Even at the Dow OT in January '22 the VIX was bought. Now in the greatest echo bubble the criminal Fed ever produced the volatility is sold....I lick my chops,

fast3777
fast3777

These big Banks have tied the VIX to Bitcoin and their trading software that has the effect of artificially limiting the VIX because of the large retracements after a decline lots of irregular corrections. Except this will produce a two edged sword.

fast3777
fast3777

Bitcoin is in the last move up in a massive leading triangle down. A lot of wealth will be destroyed on the crash lower. YMMV

daniel039209
daniel039209

fast3777 said:

These big Banks have tied the VIX to Bitcoin and their trading software that has the effect of artificially limiting the VIX because of the large retracements after a decline lots of irregular corrections. Except this will produce a two edged sword.

which December VIX calls did you buy? curious or that is just posturing? VIX collapsing like it is actually designed to do. It is worth LESS each day. With constant rolls.

fast3777
fast3777

daniel039209 said:

fast3777 said:

These big Banks have tied the VIX to Bitcoin and their trading software that has the effect of artificially limiting the VIX because of the large retracements after a decline lots of irregular corrections. Except this will produce a two edged sword.

which December VIX calls did you buy? curious or that is just posturing? VIX collapsing like it is actually designed to do. It is worth LESS each day. With constant rolls.

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ericoh792283
ericoh792283

Lol. Keep shorting it

fast3777
fast3777

ericoh792283 said:

Lol. Keep shorting it

God bless you. Glad you made money I hope you can keep it.

daniel039209
daniel039209

fast3777 said:

daniel039209 said:

fast3777 said:

These big Banks have tied the VIX to Bitcoin and their trading software that has the effect of artificially limiting the VIX because of the large retracements after a decline lots of irregular corrections. Except this will produce a two edged sword.

which December VIX calls did you buy? curious or that is just posturing? VIX collapsing like it is actually designed to do. It is worth LESS each day. With constant rolls.

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lol

fast3777
fast3777

The beauty of many years of market experience,a toast to all the old farts who see clearly. The wet behind the ears youngsters will learn the lessons that we had to learn. When everybody want's stock gladly sell it to them.

fast3777
fast3777

Another deep retrace. The cake is baked.

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