12:32 p.m. EST:
If we pretend like we’re doing something, maybe no one will notice the real plan.
That plan is and always has been, to cull the herd.
For the sake of distraction, the EU is suing a major biotech manufacturer for a botched rollout.
Going to the ZeroHedge site and looking at the comments, we have a segment of the population that’s fully awake. A typical comment below:
After listening to the Amandha Vollmer interview, it appears ‘the great awakening’ as she calls it, is gaining steam.
As a side note: The Canadian government has been unsuccessful in shutting her business down and/or imposing fines for violating ‘speck’ mandates.
Her business is open. Masks are forbidden at her office.
Therefore, it’s possible and it is being done.
When or if Reiner Fuellmich is able to bring actual (Nuremberg style) suits to blow the whole narrative wide open is unknown … but we do have this:
Human rights attorney, Leigh Dundas calls for censure, resignation, termination and jail time for members of California’s Orange County Board of Supervisors.
We can see it all gaining ground.
When or if this market finally breaks loose to the downside, one has to be mentally prepared for an implosion like no other.
Remember oil futures going negative? Enough said.
All of the above provides the backdrop for biotech.
It’s interesting (then again, not really) how this sector’s nascent bear market’s being ignored by the financial press.
Instead of a breakout to the downside (as expected), yesterday the sector SPBIO, decided to test the 23.6%, retrace area.
Today’s early session was spent testing (to the upside) the resistance area.
Price action is now tentatively reversing; about to head lower again.
The hourly chart of LABD (3X inverse SPBIO) shows yesterday’s exit (well past the stop) and re-entry of the short position; not advice, not a recommendation.
For reasons that may be covered later, the stop was not in the market at the time.
In addition, there was a trading platform lock-up (on the broker’s side) at exit and re-entry. A series of amateur-like errors all around.
It’s just a reminder to all; when the market turns lower in earnest, brokers and their trade platforms may (probably will) become inoperative.
The whole event resulted in a significant ding to our ‘project account’
How quickly can this recover … we’ll see.
Below, we have the hourly chart again … but noted with what looks like a nascent trend.
That trend line was copied and re-positioned over prior LABD moves.
Note how this market repeats its characteristics. This angle of trend line has happened three times in the past month.
We’re back in position. The chart has been updated and the stop (now in the market, GTC) listed at 20.96 (above break-even):