My theory says that I could still exit the SPX 4430 position at least at break even--I'll have to watch the price action to determine exactly what I need to do
Quick Article for Bears I found today: A 31-year market vet shares 2 signals that show a recession is still on the way — and warns the S&P 500 still has 48% downside as valuations remain near the richest levels in history
Well if I looked at the bonds market first without looking at the stock market then I definitely would have thought stocks probably are down again today, an interesting action today for the stock market
Well I thought we would have seen a day like this yesterday when bonds yields surged, guess we see a delayed action from equities by one day lol
A little bit of a bounce today but if oil prices and bond yields keep rising then it is hard to see stocks to rally significantly from here
APRN is +130% today. This is Blue Apron, the prepared meal guys. I was shocked to see the share price is $12, but I hadn't been paying attention to it, so I guess it was recovering? Nope...they did reverse splits. Blue Apron is sold for $103 million. It was once valued at $1.9 billion
Mega tech names keeping the market afloat today and we actually got some buying into the close despite the surge in bonds yields Economic data was good this morning with manufacturing showing signs of recovery. Pretty safe to say we will close this year out without a recession, I can't see people suddenly slowing their spending down during the holiday season. Early next year could be a big test though, I thought we would have a recession this year and I clearly was dead wrong so I am not going to predict a recession for 2024
That’s true, Germany had an awful year while France seems to be outperforming against them. China is not doing all that great too. If I have to guess now I would still say the US will have a recession next year although I am not that confident with my call after how wrong I was this year lol
XLU was down over 4% today Guess they are getting hit hard because bonds are now competitive against them without the stock market volatility
Alright this pullback has gone -7%, only the second time this year for a pullback. In an average year, we see three -5% pullbacks. Pullback has been deep enough...and long enough. Currently in a 4-week losing streak. The last 16 times we've had similar losing streaks (that closed above the 40-week ma), week 5 has been up 13 of those times. This goes back 48 years.
The SPX is over 8% away from its 52 week highs now so we aren't that far away from a 10% correction, will we get there?
I Wow, a collapse to around 4215. Too much. I exited just now totally. I managed the trade and am basically at break even. So, time to start afresh.
