156 replies to this topic

[dTraderB]

NQ, NDX    -- I prefer these than ES ....

 

What the heck took 300 points profit on the ndx trade, hard to turn up, likely see some type of pullback here to fill longs again....

[dTraderB]

POWELL's BEARISH testimony spooks MARKETS! 

 

It took a few hours but the brutal reality of POWELL's testimony today seems to be 

derailing this rally from the 2022 LOWS

 

- POWELL did not rule out a 100bs rate increase; when asked he did not rubbish it but said anything is possible etc

 

- POWELL was quite clear about the FOCUS BEING ALMOST SOLEY bringing INFLATION DOWN  --- no matter how high the cost

 

- POWELL did not rule out a recession but actually said it is a possibility

 

Markets will have to brush aside all that and more from POWELL if it wants to continue this rally'

Market can do what markets want but this rally be on borrowed time and reverse sooner than most think'

 

 

[dTraderB]

Powell says the Fed is ‘not trying to provoke’ a recession, but it is ‘certainly a possibility.’

 

https://www.nytimes....-recession.html

 

POWELL's BEARISH testimony spooks MARKETS! 

 

It took a few hours but the brutal reality of POWELL's testimony today seems to be 

derailing this rally from the 2022 LOWS

 

- POWELL did not rule out a 100bs rate increase; when asked he did not rubbish it but said anything is possible etc

 

- POWELL was quite clear about the FOCUS BEING ALMOST SOLEY bringing INFLATION DOWN  --- no matter how high the cost

 

- POWELL did not rule out a recession but actually said it is a possibility

 

Markets will have to brush aside all that and more from POWELL if it wants to continue this rally'

Market can do what markets want but this rally be on borrowed time and reverse sooner than most think'

 

 

[dTraderB]

 “But we do think it’s absolutely essential that we restore price stability, really for the benefit of the labor market, as much as anything else.”

 

The Fed’s policies to restrain demand and wrestle inflation lower are expected to hurt the economy. Central bankers themselves predict that unemployment will rise and growth will slow as higher rates take effect, making mortgages, credit card debt and business loans more expensive.

“I think what you will see is continued progress, expeditious progress toward higher rates,” Mr. Powell said.

Wall Street investors are concerned that the central bank will set off a recession in its bid to bring inflation lower, and economists have warned that unemployment may need to climb markedly to bring demand down enough that inflation comes back under control. Households are fearful about the future, and consumer confidence is plummeting. Fed officials have reiterated that they are trying to stabilize prices without causing a recession, though they have also acknowledged that pulling that off will be difficult.

Powell says the Fed is ‘not trying to provoke’ a recession, but it is ‘certainly a possibility.’

 

https://www.nytimes....-recession.html

 

POWELL's BEARISH testimony spooks MARKETS! 

 

It took a few hours but the brutal reality of POWELL's testimony today seems to be 

derailing this rally from the 2022 LOWS

 

- POWELL did not rule out a 100bs rate increase; when asked he did not rubbish it but said anything is possible etc

 

- POWELL was quite clear about the FOCUS BEING ALMOST SOLEY bringing INFLATION DOWN  --- no matter how high the cost

 

- POWELL did not rule out a recession but actually said it is a possibility

 

Markets will have to brush aside all that and more from POWELL if it wants to continue this rally'

Market can do what markets want but this rally be on borrowed time and reverse sooner than most think'

 

 

 

Edited by dTraderB, 22 June 2022 - 07:42 PM.

[dTraderB]

Mr. Powell acknowledged that rate moves would not bring down food or fuel prices, but that they affect the economy by making it more costly to spend with borrowed money, pushing down stock and other asset prices, and through global currency adjustments.

“The idea is to moderate demand so that it can be in better balance with supply,” Mr. Powell said.

 

 

 

 “But we do think it’s absolutely essential that we restore price stability, really for the benefit of the labor market, as much as anything else.”

 

The Fed’s policies to restrain demand and wrestle inflation lower are expected to hurt the economy. Central bankers themselves predict that unemployment will rise and growth will slow as higher rates take effect, making mortgages, credit card debt and business loans more expensive.

“I think what you will see is continued progress, expeditious progress toward higher rates,” Mr. Powell said.

Wall Street investors are concerned that the central bank will set off a recession in its bid to bring inflation lower, and economists have warned that unemployment may need to climb markedly to bring demand down enough that inflation comes back under control. Households are fearful about the future, and consumer confidence is plummeting. Fed officials have reiterated that they are trying to stabilize prices without causing a recession, though they have also acknowledged that pulling that off will be difficult.

Powell says the Fed is ‘not trying to provoke’ a recession, but it is ‘certainly a possibility.’

 

https://www.nytimes....-recession.html

 

POWELL's BEARISH testimony spooks MARKETS! 

 

It took a few hours but the brutal reality of POWELL's testimony today seems to be 

derailing this rally from the 2022 LOWS

 

- POWELL did not rule out a 100bs rate increase; when asked he did not rubbish it but said anything is possible etc

 

- POWELL was quite clear about the FOCUS BEING ALMOST SOLEY bringing INFLATION DOWN  --- no matter how high the cost

 

- POWELL did not rule out a recession but actually said it is a possibility

 

Markets will have to brush aside all that and more from POWELL if it wants to continue this rally'

Market can do what markets want but this rally be on borrowed time and reverse sooner than most think'

 

 

 

 

[12SPX]

Market continues to grind grind grind going nowhere fast.  It's like a puppy that can't pick a solid direction just exploring every which way.  Nonetheless funny story.  I went off to a stag after a few hours of the market open and forgot that I had put on a short if hit at 3800 since the market didn't seem to want to go anywhere.  Well it was filled and when I finally looked at the close I was up and in the end I took it for a 35 point profit lol!  Anyhow its unofficial as I didn't post it here but funny story.  Was a great stag went to a cart racing place.  I came in 5th out of 12 guys so not bad loads of fun!!  Markets in no where land and none of my overnight rogue trades were filled so kinda just sitting watching letting my sells  on my 3500, 3200 and 3000 put option premiums wither away.  Likely going to take profits on my 3500 puts this week.  The 3000 put already has little premium left.  Still can't believe it traded at $10 last week!! 

[redfoliage2]

Bears failing here.  I see many still not covered yet as recent AAII data show 59% bears, so I guess the melt-up is to continue .........................

Edited by redfoliage2, 23 June 2022 - 09:53 AM.

[redfoliage2]

Okay, it looks bears still able to launch a counterattack.  Maybe it's just the curse of Thursday/Friday .............................

Edited by redfoliage2, 23 June 2022 - 11:32 AM.

[steadyquest]

Looks like these guys didn't receive this week's rally memo

 

 

[redfoliage2]

Hmm, I noticed that VIX didn't budge today with SPX up about 40 pts...........................

Edited by redfoliage2, 23 June 2022 - 03:02 PM.