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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk

SOXL 56.07

+2.6%

Jan 13 4:00 PM EST

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To: threedrives who wrote (193869)	10/4/2023 4:11:24 PM
From: robert b furman	6 Recommendations Read Replies (1) of 207794

It is setting up to be the best dip to buy of the year 2023. Others EW readers have a 61.8 retrace off of the July 27th high giving support to 4175.76. Like Cheif says, at this point the uglier the better. Market sentiment at 17 Max Fear. Clix has been negative in large negative numbers for 16 days STRAIGHT. Today =17 possibly. Most bottomspotters go 6-9 days and bottom in the negative 25 to 35. This bottom spotter has been in the mid 40's for four days straight. This appears to be a C of 4 in its later stages. After this week is over the next week has very little head wind from offsets. After that it has strong tail winds. I'm nibbling at some small buys and selling some puts as the premium is being inflated by fear. If my puts get assigned it will be some of the cheapest stock I've bought in years, with dividend yields in the upper 7 % to mid 8%. If the market continues down you buy more shares with less money and grow the dividend revenue stream in the future. It's not crying time, its buying time! Scale in, don't overexpose yourself. When this reverses, you'll be clocking gains after the second day of the reversal. Learn to think in a contrary fashion to what all the scripted talking heads are feeding you. This isn't crash time it is bottoming time. I track clx data 252 days a year - no exceptions, JUST HOPING to see this bottom spotter data create a dynamic buying event! If it is the last and worst dip in history, I'm miles ahead betting it is not the end of the world like it has not been for the last 10 years. I do think if my positioning is any where near the big money trend, there is a lot of money going into 5.5% yielding Treasurys. I've had cash parked for a long time waiting to get some return on it. Those of us savers are getting a bump in income! I've not sold a thing and have bought some Treasurys to complement my dividend revenue stream. What's not to like? 61.8 retrace is less than 95 points away on SPX. Hope that helps! Bob

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