I don't know that has much reality behind it. There won't be fear until AAPL stops being green every day even when the market is getting massacred, NVDA gets well below the 290s etc. Everybody is still buying the FAANGMN stocks.
LOL even I stuck a toe in at the close. We'll probably crash now but even I'm starting to believe that down markets are illegal.
I have buy signals firing on my daily charts on all but the SPX which only has a oversold signal. However, signals are often negated when the MACD goes negative.
The DJI obviously fell out of the channel I had warned about a couple days ago but the NASDAQ/NDX channels have plenty of room still.
This thread has gotten suddenly bearish which I thought was my job. -g- The main things that worry me is how some stocks like T, VZ, CMCSA, MDT, UL etc are just free falling, slicing through support levels. T Is back to 2009 price, CMCSA February, etc etc. If they are leading indicators and the rest of the market follows, there's a lot of air down there.
I pointed out the potential 3 peaks and a domed house a while back. Long term trend line is 3700 SPX. High price/sales, PEs, We talked about Hindenburgs.
On the other hand, I just don't see the market caring about Covid. We've seen this movie already and the economy did fine. Corporate Debt is a concern as is high margin from a new bunch of newbie hoodie stock geniuses that need to learn the hard way.
Nothing has mattered up to now, so why now? I want to see GME where it was before, AMC ditto. Stocks with no earnings in the toilet etc. Until then, we don't have fear. Look at charts of green energy and tell me we're at reasonable levels. TAN was in the teens for years. It would have to fall 80%.
I'll buy when a certain guru stops watching the sky and snorting and pumping FAS as yields spreads are compressing instead of widening. (Financials don't like compression of yields, everyone knows that, well apparently almost everyone) |
