Posted by rfmathis on 26th of May 2020 at 04:59 pm
Matt--I am amazed as to the accuracy of your forecast in your
newsletter mid-day yesterday. You said the S&P would go
to the 3000 target, and the 200 day MA was a magnet. You also
said that you expected/hoped for a "pinocchio" above the 200 day
MA. I don't know how much more accurate you could have
been! Now we will see if the market is ready to head
downwards........
The late day pullback may have been a small 4th wave with at
least one more push upward....upon a higher high I will be looking
to position hedge (shorts) over time. The FAANG stocks all
look to be in a topping process. Big cap tech and biotech
showed relative weakness today as traders rotated into other
sectors so may consider some hedges around here and add
accordingly.
Matt, Steve, regarding the 60 min QQQ chart Matt posted last
night, looks like even after this morning's sell off, it may play
out that a rally into the broken uptrend line is still in play. Can
you post an updated chart of what you are seeing with the Qs
please?
as far as the market just selling off now, I'm not sure about
that. I could still see the SPX bounce up and oscillate a bit
higher first. Maybe if that happens the QQQ's lag and form a higher
low while the SPX forms a slightly higher high.
also remember that the moving averages are all pointing straight
up now, when that happens the market just doesn't die, your bigger
selloffs occur when the MA slopes are flatter. So for me if I catch
some shorts, I'll be quick to take initial profits because I know
once a top is in, it's gonna be a process of fit and starts vs just
top and crash. at least that's my thoughts.
GDX now I think that has a high, I've been pretty accurate on
that with my DUST call last week. It too won't go straight
down either, I'd say another shorting opportunity there would be on
a bounce that I think will form a lower high
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Matt--I am amazed as to
Posted by rfmathis on 26th of May 2020 at 04:59 pm
Matt--I am amazed as to the accuracy of your forecast in your newsletter mid-day yesterday. You said the S&P would go to the 3000 target, and the 200 day MA was a magnet. You also said that you expected/hoped for a "pinocchio" above the 200 day MA. I don't know how much more accurate you could have been! Now we will see if the market is ready to head downwards........
The late day pullback may
Posted by steve on 26th of May 2020 at 05:11 pm
The late day pullback may have been a small 4th wave with at least one more push upward....upon a higher high I will be looking to position hedge (shorts) over time. The FAANG stocks all look to be in a topping process. Big cap tech and biotech showed relative weakness today as traders rotated into other sectors so may consider some hedges around here and add accordingly.
I could see something like
Posted by matt on 26th of May 2020 at 11:21 pm
I could see something like this
Matt, Steve, regarding the 60
Posted by DK on 27th of May 2020 at 02:22 pm
Matt, Steve, regarding the 60 min QQQ chart Matt posted last night, looks like even after this morning's sell off, it may play out that a rally into the broken uptrend line is still in play. Can you post an updated chart of what you are seeing with the Qs please?
Hat tip Sir
Posted by retirefire on 27th of May 2020 at 11:44 am
Hat tip Sir
thx
Posted by morton7 on 27th of May 2020 at 08:17 am
thx
ha thx man! I'm just
Posted by matt on 26th of May 2020 at 05:06 pm
ha thx man! I'm just trying my best man.
as far as the market just selling off now, I'm not sure about that. I could still see the SPX bounce up and oscillate a bit higher first. Maybe if that happens the QQQ's lag and form a higher low while the SPX forms a slightly higher high.
also remember that the moving averages are all pointing straight up now, when that happens the market just doesn't die, your bigger selloffs occur when the MA slopes are flatter. So for me if I catch some shorts, I'll be quick to take initial profits because I know once a top is in, it's gonna be a process of fit and starts vs just top and crash. at least that's my thoughts.
GDX now I think that has a high, I've been pretty accurate on that with my DUST call last week. It too won't go straight down either, I'd say another shorting opportunity there would be on a bounce that I think will form a lower high