| | | I might have predicted a short term bottom today as well. I posted the following over on SA earlier today when the DJI was down close to 1,000 points.
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>> my buying starts tomorrow first thing.
I did add to UL last Tuesday when it dropped 14% and I planned on adding more at the open but I overslept, just woke up. ... Ha!
It's up another 7% and I might add later today if it can drop a percent or so, I'm still allowing that idea to marinate in my brain.
Selling is pretty much even across all 11 sectors, all down nearly 2% or more based on the Spyders.
XLP - Consumer Staples down the least at 1.92%
XLK - Technology down the most at 3.0%
I'm thinking that with this across the board selling today on above average volume, I expect a reversal pattern to appear today that will indicate a possible relief rally starting tomorrow.
If the DJI can finish down around 500 points today, or less, that would be my leading indicator that we might see an up day tomorrow making your buys today spot on.
The only reason I'm waiting for tomorrow is because I am waiting on specific companies to announce earnings first and to provide their forward guidance. <<
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Then I wrote this:
>> I'm looking to buy 10 shares of AMZN but I'm still waiting.
Today might have been good time to buy but I'm waiting until tomorrow, or maybe in the last 15 minutes of trading today.
I'm looking strictly at the charts now as I do with all market corrections of 10% or more. I need to see a reversal pattern setting up not a pattern that indicates more downside or sideways price movement.
If AMZN looks like it will close about $2825 or better, I have my reversal pattern (short term), hopefully with the DJI closing around 500 points. I will add at that point.
Jan 24, 2022. 02:24 PM Link
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My price point hit and I actually bought 5 shares of AMZN in anticipation of that reversal I'm expecting and I'll buy the other 5 tomorrow if the reversal is confirmed.
The DJI reversal pattern also showed up better than expected, it's now up on the day. |
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