Two weeks ago people were talking about the end of the bear market and a new bull market. Now – after Powell’s speech – the narrative has completely reversed course and most seem to be expecting new lows imminently. In…
While the technicians continue to see downtrends and consolidations, the market is now headed higher for the intermediate term. By the time the technicians have their price “confirmation” the rally will be mostly over and it will be time to…
Sentimentrader had a fascinating chart out today showing that the number of articles mentioning “bear market rally” is double the number during the March 2020 COVID Crash. I’m noticing that even bulls think this is only a bear market rally….
The market has reached extreme oversold conditions from which powerful rallies almost always arise. Two weeks ago, Jason Goepfert pointed out that there had only been 18 similar days since 1984 in which more than 29% of stocks on the…
Take a close looks at the eighteen red dots in the chart above by Jason Goepfert of Sentimentrader: 1987, 1990, 1998, 2008-2009, 2018-2019, 2020. Breadth readings this bad – this many stocks hitting 52-week lows on the NYSE and NASDAQ…
The only two S&P sectors in the green this year are Utilities (XLU) and Consumer Staples (XLP) – two of the most defensive sectors along with Healthcare (XLV). The best way to play utilities is to get broad exposure via…
Facebook (FB) just reported mediocre 1Q22 earnings – but with the stock as oversold as it is that’s good enough. Daily Active Users (DAUs) were up 30 million to 1.96 billion from 1.93 billion at the end of 2021. Revenue…
I just purchased 2% positions each in hated Facebook (FB) and Paypal (PYPL) heading into their 1Q22 earnings reports this afternoon. This is the kind of trade that loses me Twitter followers because it goes against a number of Wall…
With the NASDAQ and QQQ testing YTD lows Tuesday morning at 12,600 and $320 respectively I think the first 50 basis point Fed rate hike has now been priced in. This applies to the precious metals miners and commodity stocks…
When I wrote “Fade The Rally” two weeks ago it was not a popular view. Technicians were wondering if a major bottom had been put in place. Two big down days in the NASDAQ later and they are starting to…