Nightly Briefing 9/9/20


The Fed pumped $3 trillion into markets and dramatically expanded their balance sheet during the  post-Covid bounce. Under no circumstances do they plan on simply walking away. The low may have been put in September 8th, but a re-test of SPX 3,300 at a minimum should occur again into Sept 17. We favor an undercut low between 3,220-3,290 into Sept 17, post FOMC, then a rally into month end. The current bounce can fade starting tomorrow and continuing into the Fed meeting. A final drop is expected to occur into our Sept 17 low. Based on the strength of rally that follows that low, we will be able to project price levels for October. We hone into time, first and foremost. The second largest drop of the year is expected from October 23 into December. We will be short. We do not recommend shorting the stock market into this present low in the making. The Fed can abort and shorten any DCL (smaller correction). We are looking to buy the dip next week.

Unless gold breaks $1975 futures, we expect it to continue to follow our pattern of a top Monday, Sept. 14th, followed by a low Sept. 18-21, $1810-$1870. A peak October 5th is expected in gold before an ICL decline into late October.  An ultimate low in late October is currently expected with lots of wild swings, keeping both bulls and bears on their toes. But lower highs and lower lows should remain into late October.


Steel needs to do something soon for us to keep it in our portfolio.


As funds look for safe value trades on a 3-4 month time frame, they will find Denny's trading at more than a 50% discount from last February.


Virgin’s profile is becoming more and more bullish. A move over $20 can happen on the next piece of news. We expect October and November to be great for SPCE.


Crude should remain coupled with the stock market.


A spike into early October is up next for BTC. Next week may see another pullback into support before a launch into early October.

HFZ


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Third party quotes and information may not be representative of the experience of HFZ customers and do not represent a guarantee of future performance or success. Many of the results displayed on our website were achieved using leverage, such as 2x or 3x leveraged ETF's or equity options 

 

The information included at HFZ and HFZ writing, research, and updates is prepared for educational purposes and is not a solicitation, or an offer to buy or sell any security or use any particular system.  Information is based on historical research using data believed to be reliable, but there is no guarantee as to its accuracy. HFZ does not represent themselves as acting in the position of an investment adviser or investment manager for funds that are not under their direct control and fiduciary responsibility. HFZ will not provide you with personally tailored advice concerning the nature, potential, value or suitability of any particular security, portfolio or securities, transaction, investment strategy or other matter.  

 

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