Considering QQQ's volatile activity the past couple of weeks, I would like to break down a couple factors I am considering for this week's overall outlook and the weeks to come.
First, long term, I still believe 350 is our number to reach. Based on the extensions we have projected, I still think we have more room to go to the upside. Second, in terms of today's correction, imo this is panic selling induced by people believing that we are overall bearish. The media has been portraying for weeks now that we are overextended, and we are going to see a massive pullback, and yet we never have. The second the waters start to get rocky, everyone is now pulling the trigger, expecting to see some massive selloffs. Still watching the 311 level if that holds, but overall outlook is still to the upside, at least for the immediate future.
Disclaimer: The proceeding content is informational only and based on information available when created. It is not an offer or a solicitation nor is it tax or legal advice. It does not consider your financial circumstances and objectives and may not be suitable for you.
First, long term, I still believe 350 is our number to reach. Based on the extensions we have projected, I still think we have more room to go to the upside. Second, in terms of today's correction, imo this is panic selling induced by people believing that we are overall bearish. The media has been portraying for weeks now that we are overextended, and we are going to see a massive pullback, and yet we never have. The second the waters start to get rocky, everyone is now pulling the trigger, expecting to see some massive selloffs. Still watching the 311 level if that holds, but overall outlook is still to the upside, at least for the immediate future.
Disclaimer: The proceeding content is informational only and based on information available when created. It is not an offer or a solicitation nor is it tax or legal advice. It does not consider your financial circumstances and objectives and may not be suitable for you.
Comment:
Despite today's shakeout, I still think that there is a strong case to be made for the upside. Judging by this past year, odds have been the exact opposite of what people are saying the markets are going to do, so honestly, if we were just going to flip a coin, probabilities would have us going up based on past examples. Markets do the exact opposite of what people think from what I have observed. Not investing advise.