The FOMC Bomb Fizzled. GOOG Shit the Bed. I’ll Take Getting on Base Over a 10 Bagger.

Yesterday’s FOMC turned out to once again be sput sput fizz.¹ The supposed financial markets movement bomb popped and then fizzled out with lots of smoke and sparks. I can hear notes of Marvin the Martian: “There’s supposed to be a BOOOM, an earth shattering BOOM!”

Far too many people were once again looking for a catalyst in the FOMC thing-a-majig. Many people were once again disappointed.

Anyways, the indexes are behaving nicely for the moment AND still in line with my opinion, so my ego is firmly stroked like a Bond villain’s cat.

Scroll down for the charts, the GOOG post-mortem, and the first official Double Dip win.

¹ Light blue touch paper and stand well back. The market stood well back. It’s still standing there.

Market Snapshot

• S&P 500 futures 7,762.50, +0.02%. Flat, as advertised.

• Uncle Dow futures 52,985, +0.41%. The only one that bothered to go up.

• NazQuack futures 29,663.50, -1.05%. Wearing the GOOG hangover.

• Uncle Russ futures 2,852.3, +0.10%. Still running.

• Gold 4,041.9, -0.96%. Still sliding down the triangle.

• Crude Oil 101.42, -0.51%. Holding above $100 for now.

• VIX 17.08, +1.07%. Above 16, under 19.

• Bitcoin 80,051, -1.47%. Wait mode.

SPX – Little to show other than some boing boing price yoyo’ing.

SPX Tag n Turn remains bullish post FOMC, with little to show other than some boing boing price yoyo’ing.

Still bullish. Still yoyo’ing.

GOOG – Like seeing a unicorn or a Scotch haggis in the wild.

GOOG missed by 30%. The response was measured, proportionate and down 11.5%.

In other news though, GOOG shit the bed after hours with a surprise earnings miss. There have been a few pops n drops this week on the individual stocks which have caught many traders on the back foot.

Highlighting again why I moved away from stock picking. Back around lockdown I was more focused on stock swing trading. SPX as a new product with daily expirations, and nothing better to do during lockdown, meant I could speed up the payout cycle without waiting weeks or months, and similar setups would pay out in hours and days. There was no choice, it was better to move to what I’m doing now.

Sure, you can catch a “…10 bagger…” like seeing a unicorn or a Scotch haggis in the wild, but as the popular saying from Moneyball goes, I like getting on base compared to trying to hit a home run every time.

I like getting on base.

Crude Oil – We will see what we see when we see it.

Crude’s pattern is now too old to be called a consolidation and too young to be called a top. It’s a teenager.

Crude’s little consolidation pattern continues to evolve. I’m not sure what you’d call it now. The whole chart could be developing a rounding top, so if price breaks lower, say below the $100 level, we might start to see the price channels and ranges move from ascending to descending.

We will see what we see when we see it. Next week most likely.

Bitcoin – Nothing to see here, move along.

Bitcoin is in the waiting room. It has read every magazine. Twice.

BTC is still in wait mode, so nothing to see here, move along, these aren’t the droids you’re looking for.

Wait mode.

Double Dip Strategy – First official result. Woot woot.

A public consultation on the name is open. Submissions so far: Daily Dip, Daily Double Dip, and That Thing Done EoD.

On the Double Dip strategy (I’m yet to think of a better name still), SPY has secured its first strategy win with an income trade and a profit transformer. So I now have profits locked and a Friday expiration to see if there are any bonus profits. $165 is locked in as a minimum profit floor.

RUT/IWM, DIA and QQQ are still running.

I will expand into the ETF sectors over the coming weeks. My insiders currently have the indicator and strategy scripts, and they will be available along with system training over the next several weeks.

Trade review

In place of the Premium Poppers we have the Double Dip strategy’s first official result. Woot woot.

The mechanical entry was highlighted on Friday. Wednesday the option trade was locked in. Technically the trade is still live and active, on both the option with a transformer trade and on the chart, as trailing stop management is active. Which we don’t really need with the option trade, but it’s there for those trading with long calls or stock.

Other trades are still open as mentioned above.

Profits locked. Friday expiration for any bonus.

Meme of the Day:

Trade well,

T2 Markets

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