Growth Rally

Figures, as soon as I close my trading room, massive volume surges into the market. Girl can't even grab a coffee!

Actually, it is ALL about the dollar. The DXY got dumped and stocks are in hot pursuit to 4300. My level remains: Above 4232.43 is bullish, below is bearish.

My intermarket says we have yet to have capitulation selling so... believe it or not I just see this as " VIX CRUSH FRIDAY" before resuming our descent.

The ONLY way I see this changing is if either: USD/10Y ratio gets back below 300 + /or Intervention.

I have said past 2 days that USD down to 105.77 is bullish equities but then we will see if dollar holds with 10Y heading higher into 4.9% which should trigger more selling and I will be looking particularly for MAG7 selling.

This growth rally in mega-cap tech which 'seems' to widen to mid-cap tech today while BIG manufacturing food/goods-related companies experience FORCED SELLING make me reiterate that WHEN bonds get bought (for more than a trade), the waterfall cascade in Utilities and Packaged Goods will stop going down and Magnificent 7 will stop going up.

The real bond proxies are THINGS not PAPER, and they are being sold indiscriminately which is not good the real economy or jobs.

The Chase/Swing continues in NatGas.
Trend Watchlist plays CBOE + FN just don't pullback to buy.
Trend long LLY (+ NVO competitor) got firmly defended as food/alcohol stocks have been sold off violently on potential falling demand.
Trend long WMT and Swing long COST got closed for hitting their stops.

Falling dollar is helping all EM ETFs. THIS IS THE INTERVENTION the market bulls need to continue.

Stalking new Swing Shorts in CH, DPZ, ULTA
VIX hasn't even hit the 200D yet.
But QQQ is trying to pierce 362 which is my intraday bull/bear line. If it can stay above, it is bullish; otherwise it is not.

We likely tease and test this area into end of day as weekend-risk causes some de-risking potentially in front of Monday's holiday where bond market is closed.

BTW - so too is the trading room!!!

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