Are you feeling fear, uncertainty, and doubt? I am. I have been since Dec 31st 2019 when I first read about CV-19 on twatter. I was feeling FUD Mar 23rd. I'm sure you were too. That feeling? The one in the pit of your stomach, that something horrible is about to happen? Waiting for the other shoe to drop? For me, it intensified the higher and higher the market rose. Yesterday? Clear panic selling. That whipsaw action you saw in the last half hour? Big money repositioning. Today? Textbook dead cat bounce. Legit volume yesterday & today. This could be Wall Street locking the doors and leaving Main Street to burn. Those poor RH bag holders. Stairs up, elevator down. Choose your own Wall St idiom adventure.
My guess? "They" try to close this above the 200 day MA. In my opinion, enough people have already been sucked in. Let this take it's course.
Mar 23rd was a lower low (vs Dec 2018). We've likely just set a lower high (vs Feb 2020). Could I be wrong? Sure. Have we already bottomed? I don't know. When is it safe to get back in? Beats me.
But I'd rather be poor than broke.
Best of luck to us all, and I hope I am wrong.
My guess? "They" try to close this above the 200 day MA. In my opinion, enough people have already been sucked in. Let this take it's course.
Mar 23rd was a lower low (vs Dec 2018). We've likely just set a lower high (vs Feb 2020). Could I be wrong? Sure. Have we already bottomed? I don't know. When is it safe to get back in? Beats me.
But I'd rather be poor than broke.
Best of luck to us all, and I hope I am wrong.
Comment:
Closed solidly above the 200 day MA. Will they try to push the weekly candle away from bearish engulfing, too?