If breakout above the upper downtrend line follows by breaking above the 50-day SMA, we know is resumption of the uptrend (last wave-wave 5, of the Primary degree impulse 12345 - beware, what follow the completion of this wave 5 is DOWN big).
Truth is Market turns positive whoever wins as uncertainty about elections is removed. Whichever government comes, they need to vote for Stimulus and continues same protective policies to bring down jobless and try to eradicate COVIDâŠetc.
Looks to me last week (10/30/2020) was the lowest - after the fact.
By end of day, if market dips from 2% to 1%, it is common. If tomorrow, market with UPs and Downs it is common, but over all the recent dip, Oct 30, 2020 - Friday, is established.
Market may take another turn after reaching a temporary peak which I have no way to find until that tipping point comes !
Watch the dollar. Steep declines can presage declines in equity prices although there can be quite a lag. Doesnât work for black swan stuff like 9/11 but it did foreshadow the '87 and 2008 crashes.
All this money printing is creating moral hazard. No one will investing in developing real skills and supply chains. rather all the money will keep flowing to zombie firms. this will create jobless recovery with further potential of riots and complete loss of tax base.
We are not living in 1940s that we can BS overway out. competitors are investing to replace dollar.
Cramer said he would be âmuch more comfortable buying an airline stock up 10% than a cloud stock down 5%.â
Time to dump cloud/ SAH/ WFH stocks.
In our call of the day , Miller Tabakâs chief market strategist Matt Maley said some rotation within the technology sector was a good idea for the rest of the year, most notably into chip stocks.
Chip maker Micron MU, +1.45% looked âvery enticingâ on a technical basis, he said, as it was testing its June and July highs after being hit in August. Its peers Nvidia NVDA, -6.39%, Texas Instruments TXN, -0.96%, AMD AMD, -3.21%, and Taiwan Semiconductor TSM, -2.60% also enjoyed breakouts last week, Maley noted.
âToo soon. ⊠This is not the time to own the cloud stocks. We want them to come in. We want all shorts to pressure. We want people to think itâs all over, and then we will strike â but not yet.â