Step away from your computer for a couple of days and BAM!
Stocks peaked out on day 21 of their cycle, and the USD bounce just turned into a “USD crater”. Stocks could easily fall much lower over coming weeks so…
I wouldn’t think much of it considering that nearly ever single time stocks take a little break…they have generally popped back up in but – THIS TIME? The intermediate cycles have been so extended, the counts have been very difficult, but with today’s action coupled with the massive “profit taking event” in tech stocks some weeks ago?
Don’t go looking to buy a dip here! DO NOT GO HUNTING FOR A BUYING OPPORTUNITY!
If this is indeed the long-awaited “mini crash / intermediate decline in stocks” it will take weeks, and quite possibly roll over into yet another failed daily cycle pushing things lower for weeks “after that”.
It’s far, far to early to even consider this a buying opportunity, as you should have been looking at these past few months as selling opportunities anyway right?
I’m dumping my crappy “short MUX / summer play on Gold” and otherwise have “zero skin in the game”.
USD falling thru here very surprising so I am 100% out ( perhaps with a tiny profit ) first thing in the a.m.
Sorry….the sun is out, and as stated many many weeks ago……I’ve no time for this now. It’s a waste of my “oh so valuable time”.
Forex_Kong_Disgusted
Hey Kong,
While I totally agree with your stock outlook, today’s reversal was quite extraordinary. Biggest gain on S&P in 2 months and an even crazier move on the Nasdaq, right after it looked like the 50 day MA was breached to boot.
To say it’s frustrating is an understatement… I was looking to short today on what I assumed would be a bounce after yesterday, but alas, I bit a little early as I didn’t think we’d almost completely engulf yesterdays downdraft… I still have strong conviction for a spill after July 4th (maybe it’ll start prior to the BBQ and fireworks, fingers crossed). Bigger move should come over August, but I still think the bull game is intact with a move to new highs into next year, but only after some of the froth is taken out… 5400 on NDX and 2300 on SPX to start.
…and step away from your PC again and…BAM..market back UP! 🙂
Soo not expected.