It’s Veterans Day, it’s freezing, and apparently, every printer on the planet has declared war on me. But markets don’t stop — and neither do we. Momentum’s hanging by a thread, liquidity injections are quietly creeping back in, and traders are stuck wondering whether “not QE” is actually just… QE with better PR.
Key Takeaways
Momentum’s flatlined — but not dead
- Intraday momentum has come back from the brink, but we’re basically neutral across major indices.
- Selling pressure has eased, yet buyers haven’t returned in size — expect more chop, less clarity.
Liquidity injections are coming
- The Treasury General Account is expected to inject around $150B into the system.
- They’re calling it “financial stability operations,” not quantitative easing — but the effect’s the same: risk assets breathe easier.
Banking sector still holding up
- Inverse ETF FAZ dropped below key averages — the same levels that flagged stress during March 2023’s mini-crisis.
- So far, no panic signals from regional banks — but this is still where cracks will appear first if liquidity tightens again.
Tech and AI under pressure
- SoftBank trimming its Nvidia stake triggered jitters across the AI complex.
- This says more about SoftBank’s leverage than Nvidia’s fundamentals, but traders are quick to hedge — watch SMH and QQQ closely.
What I’m Watching
We’re hovering near critical moving averages on the SPY, QQQ, and Russell. The market wants to go higher — but profit-taking and end-of-year positioning could get in the way. Nvidia remains the bellwether: if it reclaims the 8-EMA on the 3-minute chart, the upside’s back on. I’m also watching emerging markets (EEM, EWZ) for fresh inflows, and the UUP short setup into next week as the dollar starts to wobble.
It’s one of those mornings where everything looks “fine,” which usually means something’s about to get weird. Stay sharp, respect the levels, and remember — liquidity giveth, liquidity taketh away.
Until next time,
Garrett Baldwin
TheoTRADE
