September Market Action
My expected market action for September is as follows: I see stocks peaking today Sept 1. My preferred scenario is a sharp drop leading to a possible crash on Monday Sept. 11th. (I just bought calls on the SQQQ) If no crash in Sept. a steady decline culminating in a big decline in October would be the likely backup scenario. For the precious metals, I was hoping gold and silver would have a good size up day today but it looks like the bankers capping on Wednesday around $25 spot on silver was back to business as usual. While the charts say to remain bullish it doesn’t look like an immediate big upside run is in the cards for now. We will know when $25.50 spot gets taken out with a close above and follow thru. Maybe those saying the metals will go down with stocks will be correct but for now there is still a possibility the stock decline will lead to money rushing into the metals.
> I see stocks peaking today Sept 1.
I hope you got this one right 🙂 I bought SPX puts July 27, on a day SPX printed new highs. But I have nothing to show for. I do have few more months left, though.
I could use some decent decline. 🙂 Friday markets did print reversal hammers so maybe Monday they will head lower.
Oil is keep firing higher, my long term calls on RIG (Jan 2025) have a good potential. But I lost some money too, so I’m due for some wins eventually lol