The Nasdaq was up a staggering 6% I February, logging yet another great month after a fantastic star to the year. It would be a mistake to believe we can enjoy these sort of gains into March.
I repeat: It would be a mistake to believe we can enjoy these sort of gains into March.
The Exodus Quant will probably end up being +8% for February, far outpacing the god damned Nasdaq and SPY. I will be reshuffling my portfolio today, reassessing based upon my quantitative rules, and then also make some adjustments to my trading account.
We have climbed the wall of worry very effectively — but now shit is about to get real — with Q2 guidance right around the bend.
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I still think higher for the year…dunno ’bout March.
The Powers, who ever the fuck that may be, will keep things going until Nov. 2020, if help is needed.
Thanks for the wakeup call on CHK Fly. The Generosity and Wisdom of your Superior Being is the Salt of the earth.
My UVXY hedge sucks right now, costing about 20% of my profits…but it appears to be a better time to buy it than sell it.
Given the price levels, I think March sets the tone for the rest of the year, and I think today will me most critical. A close below 2800 will be big trouble; a close below 2792 today will be death to the Bulls, barring some PPT action next week.
I don’t think the China deal will make any difference at this point. It’s quite obvious that nothing major will change, but equally obvious that victory will be declared. So reaction to the news will be much more important than the (unsubstantial) deal itself. And the reaction will likely follow the trend and sentiment set by the 2800 support/resistance level.
If we close above 2800, then AAPL will 99% close the small gap to 176.69 (+1%) next week, and likely test 180. If not, then a test of 170 is the most likely scenario.
Look at MU for a strong proxy of what the market thinks about the China deal.
Also, out of curiousily, what do people think of AMZN’s chart?