Because selling can sometimes be a slow burn...
Things seem oversold short term. Doesn't always mean it will bounce. I don't even want to guess where prices will be after FOMC since we're simply releasing some of those pent up profits. Obviously, barring any sudden news, after the selling stops, we'll try for more ATH. But between here and before May, I'm just not sure how sudden the selling will be.
Obviously things remain overbought in the medium term and long term wise its just cyclical predictions that prevent me from remaining bullish -- but it being a election year where Fed seems intent on cutting rates regardless of creeping inflation, we could see SPY $620 and a big screw you logic from the markets before any drops. Just be careful... or stubborn but have long dated positions. People aren't exactly clamoring for the exits yet -- more of a, I'll sell 10% of my positions and see where things are after spring break type of mood.
Obviously things remain overbought in the medium term and long term wise its just cyclical predictions that prevent me from remaining bullish -- but it being a election year where Fed seems intent on cutting rates regardless of creeping inflation, we could see SPY $620 and a big screw you logic from the markets before any drops. Just be careful... or stubborn but have long dated positions. People aren't exactly clamoring for the exits yet -- more of a, I'll sell 10% of my positions and see where things are after spring break type of mood.
I usually try not to tell you what to do -- too crowded there. I'll point out what price points/trends/patterns the pros are looking at and let you interpret what that means for your portfolio.
and an explanation that if we top $523 its 2 more weeks of upward crawl.