Loading ...Give Me A “C” And An a p i t u l a t i o n – What Have You Got?
A bottom today for a pre summer rally in the stock market that will rip your face off if you are short.(Plunger and anyone else who is, might want to cover by today’s close) Last week I posted that we were likely to see capitulation this week leading to a decent stock market rally. The charts are screaming (temporary) bottom! The best sign would be if we close AT or NEAR, the day’s lows. That could mark this as an “Official Bear Market” which the press will be posting and screaming all over the place. It could be today up until Tuesday, the 31st. That is the window for this temporary bottom which will set us up for a nice summer rally, before the bear market resumes in late summer into the fall. I expect leadership to be quality stocks with good dividends (IBM)and the gold and silver miners (NEM).
Too much algorithm control for my liking. Oil & gas still on fire,
https://www.tradingview.com/x/FvXtwa5f/
Sir Chartmaster,
Always enjoy and appreciate your postings.
I have been thinking that in Sept, pressure will be put onto the FED to pump up the markets right before the mid term elections in NOV.
I had thought we might a get a further down market into Aug… and then a steep climb.
I am guessing the reason it took so long to confirm Powell was because Biden wanted some assurances.
But I also see that we are looking good for a bounce right about now.
Do you have any thoughts how the markets might play out until NOV.
Cheers R
Good to hear from you Sir Walnut. I don’t think the market is going to line up with the election, but you never know. My take is based on the charts and technicals. They are saying the rally is now and could last until late Aug. or just after Labor Day. Then a sharp selloff in the fall. Possibly an October Crash, but we have a few months to see how the charts develop.