I won't argue with the price, though we have a 67 long term rsi,
wildly extended here from the 9 day at 3,997. I was considering
this a bottom though we have 5 gaps below now and this all to
consider:
If we ignore that earnings were bad, guidance was worse,
inflation is worse, 2nd consecutive negative GDP print, 2nd
consecutive 75bps hike, double QT starting in a month, China
tensions boiling, Russia war continuing, supply chains not
improving, PMI dropping, consumer sentiment at record lows,
personal savings at 2008 levels, credit card debt at record highs,
housing market stalling, multiple yield curves inverted, the dollar
at 22 year highs... yes maybe we could believe the bottom is
in.
Steve used to say this all the time before the massive
correction... Dont say bear or bull market. Just think Uptrend or
downtrend... I love that statement because it keeps my mind in
check
Posted by timebandit on 29th of Jul 2022 at 04:00 pm
All good points. The thing I keep thinking about is the
sentiment. We've climbed about 500 $SPX points since the June low
and the AAII survey this week showed 27% bulls and 40%
bears.
Yes, roger, load the bus indeed. How much further north will
that take? We'll see.
Posted by mastermind on 29th of Jul 2022 at 05:55 pm
I don't know about that. A lot of people like to hop on the bus
on Monday morning after a big up week, so might be good to hold and
look for selling opportunities.
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What a difference a day(s)
Posted by fundamentalvalues on 29th of Jul 2022 at 03:12 pm
What a difference a day(s) makes as the song says..
They're backkk..it's transitory after all.
The bullishness is percolating for
Posted by jared95 on 29th of Jul 2022 at 03:36 pm
The bullishness is percolating for sure! I guess everything got fixed this week.
I won't argue with the
Posted by fundamentalvalues on 29th of Jul 2022 at 03:55 pm
I won't argue with the price, though we have a 67 long term rsi, wildly extended here from the 9 day at 3,997. I was considering this a bottom though we have 5 gaps below now and this all to consider:
If we ignore that earnings were bad, guidance was worse, inflation is worse, 2nd consecutive negative GDP print, 2nd consecutive 75bps hike, double QT starting in a month, China tensions boiling, Russia war continuing, supply chains not improving, PMI dropping, consumer sentiment at record lows, personal savings at 2008 levels, credit card debt at record highs, housing market stalling, multiple yield curves inverted, the dollar at 22 year highs... yes maybe we could believe the bottom is in.
Steve used to say this
Posted by arun on 29th of Jul 2022 at 05:07 pm
Steve used to say this all the time before the massive correction... Dont say bear or bull market. Just think Uptrend or downtrend... I love that statement because it keeps my mind in check
All good points. The thing
Posted by timebandit on 29th of Jul 2022 at 04:00 pm
All good points. The thing I keep thinking about is the sentiment. We've climbed about 500 $SPX points since the June low and the AAII survey this week showed 27% bulls and 40% bears.
Yes, roger, load the bus indeed. How much further north will that take? We'll see.
good reason not to hold
Posted by srusso1 on 29th of Jul 2022 at 03:59 pm
good reason not to hold over the weekend
I don't know about that.
Posted by mastermind on 29th of Jul 2022 at 05:55 pm
I don't know about that. A lot of people like to hop on the bus on Monday morning after a big up week, so might be good to hold and look for selling opportunities.