A Market Hooked On Bad News!

Friday's action spooked the shorts and scramble they did to cover.
As backward and upside down this world is, any negative news or poor economic situation is a reason to spike stocks...all about the precious rate rises, a total disconnect from reality.

This rally has fulfilled enough counter to reverse from here and twist us all again.
As long as the rally holds, there will be zero pivot.
No pivot means no real rally, inflation is still very elevated...once we get a stock collapse of 20% or more the Fed will cease it's mantra.
We would not be surprised to see a complete inflation reversal once these markets crater...a deflationary environment will eventuate....some way off yet.

33700 ish is our target area for a reversal. Remember, the Fed will never reverse rates until these markets tank. Goosing and manipulating data is their domain.
Every day like Friday increases the risk to enter this market, they turn on a dime.
While some are buying, most are short covering.

Precious metals could be about to impulse much higher. Gold in particular, continues it's upward trend...big buying by central banks in particular. The fly in the ointment is clearly the Dow's performance.

We will watch with interest Monday/Tuesday's action, expect little follow through.
If these bulls love bad news, let's see them handle something extraordinary.

Appreciate a thumbs up..Good trading and God bless!