The S&P 500 is barely holding above a technical correction and it has failed multiple times at the 50 day moving average. The rotation rally looks like it has fizzled. Today was characterized by indiscriminate selling. Everything was down- Tech, Value, Precious Metals, Bitcoin…everything. I think the market is headed lower…but I’ve thought that allContinue reading “Market rally fails again…is it going lower?”
Tag Archives: Market Correction
Markets have been selling off for four straight weeks.
Today the S&P 500 gapped down, but then recovered to close at an intraday high, showing that bargain hunters are still active. So is the selloff over? I don’t think so. I’m anticipating more down days as a second wave of COVID crests ahead of the November presidential election drama. The downturn will likely continueContinue reading “Markets have been selling off for four straight weeks.”
S&P 500 in Technical Correction below 200dma
Today the S&P 500 officially went into a technical correction and broke below its 200 day moving average. Volatility on the VIX was above 36 10 Yr Treasury sunk to an all time new low of below 1.25% Wall Street is in total freefall. How bad can it get? I don’t know, Bitcoin soared irrationallyContinue reading “S&P 500 in Technical Correction below 200dma”
Bought: CQQQ & RYT
Market turmoil continues. The S&P500 closed back at its 200dma but remained above the intraday low of February 9, 2018. I remain optimistic and view this correction as an opportunity to purchase stocks at a discount, especially in the Technology sector. Today I added to my position in RYT and initiated a new tradeContinue reading “Bought: CQQQ & RYT”
BUYING the double dip?
The 2018 S&P500 “double dip” looks very similar to the pullbacks in 2015 Aug/Sep and 2016 Jan/Feb. (see chart) Today the S&P500 closed below the previous low close on February 9, 2018…but it did not exceed the intra-day low of February 9, nor did it drop completely to its 200 day-moving-average (as it did onContinue reading “BUYING the double dip?”