I ran into a popular millennial tik toker the other day who provides stock market advice. He said stocks are on sale, after this sell-off....great buying opportunity la di dah... Big believer of the "stocks only go up movement". A lot of people jumping on the hype train along with him still....
That tells me a lot about where we are in this sell-off. A historic one off of highs, but one that still has all these retail investors that just created a trading account in April, holding long positions, no fear of things going down yet. No panic selling. Which is incredible when you consider the move that just occurred...because typically its the panic selling leg that gets parabolic to the downside. A leg that appears still needing to occur...
--Looking at a retrace up to around 348, then a reversal down to the 200 dma.
That tells me a lot about where we are in this sell-off. A historic one off of highs, but one that still has all these retail investors that just created a trading account in April, holding long positions, no fear of things going down yet. No panic selling. Which is incredible when you consider the move that just occurred...because typically its the panic selling leg that gets parabolic to the downside. A leg that appears still needing to occur...
--Looking at a retrace up to around 348, then a reversal down to the 200 dma.
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Just a thought....as big tech still looks weak this morning