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:
Hi Stocktrader,
Last week Down 6.98%
YTD Down 15.60%
Saleem
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
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