ajtj's Post-Lobotomy Market Charts and Thoughts Message Board

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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts

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To: catou1 who wrote (74629)	12/13/2022 12:10:14 PM
From: Sun Tzu	4 Recommendations Read Replies (1) of 97787

Yes, it could go lower and likely it will. But my reference was to my comment before the open to sell the news. There are many ways to play the market, but imo, true tape reading is about psychology. The market was so wound up about the CPI number that it could not possibly go much higher than where it was. There was nobody who wanted to buy that had not already taken a long position. In such situations, there is no place to go buy lower. To be clear, we're talking about the reaction and not a trend. There has been too few bars to call for a downtrend and the short term trend is still up. We'll see what Powell says tomorrow and how the market will react. I expect him to somewhat declare that the mission is accomplished for now and that the Fed is going to wait and see. This will be a repeat of his talking points at the Brookings. Then we'll see how much of that is priced into the market. [EDIT - I meant short term trend up - corrected]

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