Helene Meisler (@hmeisler) tweeted at 7:46 am on Sat, Dec 10, 2022:
Good Saturday Morning Chart Fans!
The only theme this week is the CPI and the FOMC. Because the charts are doing what they have done all year: stop at resistance and find support when things get oversold & too bearish
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Thanks to HELENE for the THEME.
BEARS finally got it down on Friday after a fairly dull week.
FED and another inflation report this week and then the BULLS will rally it to the end of the year.
Can there be a FED surprise? 50bps hike is baked in ... 25bps each next 2 months... QT continues
My FF is the FED raises 50bs this week, may again express concern about persistent inflation, repeat they depend on data ahead before decisions are made etc etc blah blah blah
Personally, I prefer the markets go down so I can open LONGS at much lower price. And, then I am gone for the year, rest and be ready for what could be a wild January 2023.
I have a some LONGS now - AMZN, AAPL, GOOGL, a few QQQ & SPY CALLS, TLT and UVXY CALLS -- may close UVXY CALLS if market drops
NO HEDGEs as yet.
I am almost done for the year, am spending more time on business into early January and back to almost full-time trading.