THOR WOULD BE PROUD
When examining the broad breadth of stocks, it is apparent that many are hammering out the lower portion of their new trading ranges. It will take time for the overall market to confidently find support where it should find buyers, but I have little doubt that the world will not end with this correction. This will not be the “big one” as many newly bearish folks are claiming. Nor do I believe we are on our way to new highs or another “V” shaped bottom. Though anything is possible in a normally functioning market, imagine that “anything plus” is possible in this market.
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Turn off the TV or use anything that is said on CNBC as a contrarian indicator. Ignore the futures. They are only there to get you out of your positions. Pay attention to the charts. It’s unbelievable how accurate they have been working. I still think this is a sucker’s rally before more damage is done longer term. What is working now is to make sure you take your trades. Long term is a few days in this market.
Really enjoying your commentary Scott. Helps put things into perspective and calm the nerves.
we might get another 200 points up on the $DJI from here, key word might, but I see 10,400ish as a top for now and we roll over again.
But if you really want to know where the market is going to go, just call someone at GS, they will tell you, since they are running the show. ha ha.