For your information, the Naz is officially in a bear market. Bear markets usually, not always, have several legs down. I don't see a crash, just sideways trading with a downward bias. Look to the Fed for where the bottom is. When they stop tightening, the bottom theoretically should be in. High P/E stocks in this environment will be under the most pressure, regardless of forward looking prospects. Time will be on the side of the patient investor. The looooong-term bull market is not over since we are in a technological boom, but valuations of everything are being questioned and rightly so. I see the possibility of the Naz trading down below 3000 sometime this year and from a TA perspective, Naz should test its breakout area of around 2850. This is NOT a prediction, just a possibility to look out for. I'm not suggesting anyone unload their core holdings such as QCOM even though I did. In this environment and negative market psychology, nothing is core. Capital preservation is core so you can re-enter the game at lower levels IF they come to be. This is not a prediction, just the way I want to participate in this game. Because that's all it is and sometimes, without any notice, the rules of this particular game changes. I'm just raising the yellow caution flag, that's all. There's nothing wrong with being cautious at this time, is there? Good luck to you as well.
jmanvegas |
