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The other day I posted the stock market was getting close to a top, but we would need to see a failure in NVDA and SMCI. So far, they keep making new highs, after each pullback.
As I stated, they need to correct and then bounce, but fail to make a new high, before rolling over and breaking down. Possibly, this sequence will occur tomorrow and Friday. Using symmetry projects a possible maximum spike for NVDA to 925? SMCI isn’t as clear and may have hit it’s high today.
The market wasn’t going to sell off, before Powell’s two days of Congressional testimony. So the earliest would be late Thursday or Friday. I still believe March marks the top and the first half more likely than the back half. (This isn;t investment advice, just my opinion.)
Sir CM,
Just like some (including you?) identified a Failed/False Break Down in gold the last time it broke below the round figure of USD 2000, what do you think about the possibility that the S&P is, as in a reverse symmetry … in a Failed / False Break Up to a new high?
Another way to look at this would a ratio chart, but then gold would win clearly.
The skeptic in me, wants to know. Just hypothetically.
For the record my last PM share sale was HMY on February 1st 2024, at 6.675. The high in that up-wave was 6.76, but the low that followed it was 5.41.
We are above $7 today, after over 43 months. Here’s why I’d still sell more HMY: it is no doubt a laggard.
Agree/disagree?
GL
As far as HMY, I don’t follow it but just looked at the charts. Looks quite positive in longer timeframes. Since you have a successful strategy in how you trade your positions I wouldn’t tell you anything to change that. Especially if you plan on trimming near this short term double top with where it got to in 2020. However if it were me I would keep the bulk of my position for higher prices. As far as the S&P it may do exactly the same as I expect for NVDA just not necessarily in the same timeframe since NVDA is the leader and would probably top out first. Good luck.
Sir CM,
You have no idea how much I respect your replies.
Traded one sixth of the remainder of my HMY and moved all proceeds to IEGCF @ 0.1795. This is my 7th lot of IEGCF. Lowest entry was 0.1396 on 11/14/23
All risks my own, love to share in real time what I trade.
Thank you for now and always.
GL
“The market wasn’t going to sell off, before Powell’s two days of Congressional testimony.” I believe that also explains why the FDIC waited until this weekend, before they announce either a takeover or closure of NYCB. It should have been done last weekend but they didn’t want to put Powell on the spot when the pols question him today and tomorrow.
The groundwork is being laid for the next QE. May not be rate cut. May not be called QE.
Some article floated around regarding numerous regional banks with millions of losses in CRE about whom headlines are being suppressed.
Let’s see.
Are we approaching the Ides of March? Check.
GL