After yesterday's moderate selloff, we are over 20 points below the all time highs in SPX. There was no news item to trigger yesterday's down move, it is an uptrend that has matured, and no longer has the rocket fuel like it did in February. The recent action only emphasizes the relative strength of US equities. The DAX wasn't even able to make a new high on this surge in February, and is down over 5% from its February peak, while SPX is only down 1.5% from the peak set on Friday.
With Europe getting closer to Ukraine bottom support levels, and heavy SPX support in the 1850-1860 zone, a buy sets up on a morning dip to sell at the open on Thursday. I will be in dip buy mode this morning, because of the lack of dips since the rally off the Feb. bottom, there will be buyers waiting to buy this dip who missed out on the last one.
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5 comments:
Which stocks would you BTFD? Thx
For the time frame (1 day trade) I am looking at, I like TSLA.
What do you think of VIPS?
1853.75 Great call so far!!!!
Don't follow VIPS, so no opinion on the stock.
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