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Summary of the day

Disclaimer: Prices can go a lot higher regardless of all below. Everyone who has a vested interest in higher prices are selling the data and stories that will make it so.

That is why it is counter intuitive to consume too much financial content. Even mine. That is also why my podcasts are so short vs what you see out there in the marketplace. I try to focus on the things that matter most in under 15 min.

The market already has priced all below news into prices already. That is also why I note that listening to earnings is for entertainment only. The price action is king.

When you can ingest “NARRATIVE” data like earnings and sell side packaged news and still function as a trader and win, you are making huge progress in the psychology of trading.

So before I get into the narrative data, I want to point out charts and “What Stuck out” section first!

Because price action and charts are more important than news and narrative. I would say the healthy ratio of attention or head space for a good trader is at minimum 90:10. 90% price action and psychology vs 10% news, earnings and narrative.

Stuck out over the weekend

$NDX Nasdaq 100 ratio chart to QQEW Equal Weight Nasdaq

Here is the Semi-conductor index $SOX:

The Semi Conductor index has tested this Red resistance line only three times since the peak of Dot-com. Here we are again!

Closeup:

I now present to you JP Morgan (Linear chart). $JPM. Maybe it is nothing. Maybe this trend line will be made irrelevant as it roars higher? We just breached it. Since the year 1998, it has only touched this line twice (dotcom and covid) upon which sold off along with broader markets. Well here we are again…

$XLF #BANKS#WALLST

Here is #Apple $AAPL (Log chart)

This purple trend has been tested 6 times since the Dot-com crash. It got close during the Great Financial Crisis in 2008, but no cigar. 3 times since the bottom of New Yrs Eve 2022. Maybe it is nothing. But if that trend line breaks down, watch out for your retirement accounts! Look at the second chart. We pierced below it on Friday before defending it. Well here we are again…

Bouncing today, Monday trying to test 50 day ma.

And new data from my weekend content consumption of Adam Taggart and Sven from Northman trader. A negative divergence in Value Line XGV.

Financial freedom is not free, but the treasure is worth the pursuit!

Now let’s get into the narratives…

Mother of all doom scrolls by Elmo. It doesn’t seem everyone is “fine” with how things are going in America as they claim.

https://twitter.com/elmo/status/1751995117366296904

And in a story I haven’t seen anywhere except via Peter Schiff, Nobody Special on YouTube and Adam Taggart, the Fridays jobs report was simply a lie.

I checked the math. All they did was revise last yrs monthly numbers so the narrative can read “America has never been better! Vote for me” No one on @business, @CNBC @FoxBusiness, etc cares about you. They are all sell side shills making money. No one is coming to save us! They all report to team green.

Nobody Special on YouTube

You have to zoom out to see the big picture. Why would the Fed say last Wed no cuts until weakness in employment/wages? Then this fake blowout jobs data is released Friday? Everyone to kingdom come on media saying wow. And that the US economy is so strong!

And yet…

https://www.youtube.com/live/0jZcAkf4z5o

The answer is kick the can down the road for elections. While we all suffer in reality, they all campaign in fantasy. This is not going to end well. I believe the s**t will hit the fan well before the election.

I take some liberty in quoting a mentor Bill Cara out of context but on brand.

The independent investors of the West have succumbed to the media onslaught from their governments, Wall Street, central bankers, and WEF globalists. Our people have become sheeple, ready to be sheared of our wealth.

When will we learn that ETFs are their Border Collies? If we stop trading their ETFs, we restrict their ability to manage the herd. If we invest only in quality companies based on asset valuations and revenue, cash flow, and earnings growth, we win. It’s only a matter of time.

They then trotted Jerome Powell again on a Sunday before the Grammys to sell us.

But look at the comments of the video itself! Does that sound like inflation has come down?

Breadth

* 289 new highs

* 343 new lows

* 20% advancing 76% declining

* 49% below 50 day ma

* 39% below the 200 day ma

Strong

NVDA

ON

ARM

OIL

Weak

What to watch

Watch mag 7

Watch yields

Economic data

https://www.marketwatch.com/economy-politics/calendar

Recommended by

Doomberg Adam Taggart Herb Greenberg

Mentored by @BillCara

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Podcast EP 133 Welcome to the 2024 HUNGER GAMES! (Feb 5) 23:48 Share

Not Your Advisor

Shownotes Transcript

Podcast EP 133 Welcome to the 2024 HUNGER GAMES! (Feb 5)