Despite the futures last night indicating that we could get some kind of short-term washout, the market recovered to the point where we barely breached the lows of the past few sessions, only to turn on a dime and rally. We are firmly in the green now, but the bounces have not been nearly as powerful as the sell-offs in recent days and weeks. With the Memorial Day holiday weekend approaching, I would not be surprised to see the bears back off a bit here, as many oversold areas of the market seek to bounce.
In particular, the energy/materials complex continues to see some inflows are the past several weeks of heavy selling. One tech name that has shown relative strength and looks to be set up well here is IPGP.
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chess, if you don’t mind me asking…what is your cash position?
80% right now.
tx, roughly the same ovah heah.
less cash now