Sunday, April 21, 2024

US stock market in trouble...

 US stock market is finally showing a combination of profit taking and testing of support since making series of all time highs...

This downtrend is nothing unexpected in a major bull run...

5 months of unstoppable mega move was enjoyed by all participant....

NOW....a reality check..

Who are the real winners will stand up to brutal selling...

YES...some key support is broken....

YES ...selling IS intense

YES...winners behaving like losers

YES...patience is being tested..

YES...losses are piling UP

YES...some are giving UP

That IS when bottom is reached......

Then we start basing

Then slow move UP

Wall Street is NEVER a straight line UP...not forever....5 months straight UP did us in....

Always buy with conviction and stay with conviction...

Correction / pullback IS healthy

I feel we are OVERDONE in this pullback also

Stay engaged with this market, It IS trying to discount INFLATION / Interest rates UNCERTAINTY

Take advantage of low low prices and add IF you have room....I always feel more confident NEAR LOWS...

Good luck with your own strategy & comfort level.

BLOG does NOT give buy or sell.

Saleem

2 comments:

Stocks100 said...


Hi Stocktrader,

Last week Down 6.98%

YTD Down 15.60%

Saleem

stocktrader_1996 said...

Hi Saleem,

Last week: -7.03% (YTD: -7.55%)
Portfolio Leaders: SNAP
Portfolio Laggards: ALAR ZENV AMKR IONQ BMR (all worse then -10%)

I'll save the commentary this week because you explained the situation so well: oversold conditions set us up well for earnings beat to be treated well. Stock picking is paramount right now!

Holdings: ALAR SNAP FLYW DCBO ZENV AMKR IONQ PSNL BMR, cash 0%

Watch List: BIDU AI

Stocktrader