The title of last Thursday’s update was: “Time To Bounce.” Clearly, we should have bought a 3x long ETF for the market. Today is an important day because all the major indices are back above their 50 day moving average lines. We have seen this before…
The major indices (except for the Dow) snapped a three week losing streak and rallied after another volatile week on Wall Street. On Monday, stocks rallied 200 points only to give it back and fall 200 points on Tuesday. The market was up and down on Wednesday before falling hard early Thursday morning and breaking key levels of support. Then…
In Tuesday’s update we urged caution and said, “the market is topping out here” and highlighted important support for the market. Earlier today, the Dow and S&P 500 sliced below support but we are now seeing the bulls show up and “save the day,” once again. Today’s action suggests
Remove the Fed – and there is NO QUESTION in my mind the market is topping out here. We have gone no where for over a year, this has occurred after a 7 year bull market (last few bull markets ended after turning 5), leadership remains virtually non-existent, and we are now seeing sloppy wide and loose action showing up -after a big move. To be clear, this is Textbok/a classic top being put in. The only major bullish wildcard…