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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: E_K_S who wrote (54770)	1/14/2022 7:42:52 PM
From: Johnny Canuck	Read Replies (2) \| Respond to of 69762

Thought about getting a tracking position when it was at $12.19 but I got busy with a project deliverable and when I got back at lunch I decided to wait as it had bounced modestly. The underlying fundamentals in tech continues to erode. Till we get earnings I expect to see lots of volatility in the overall market. On a few youtube trading channels the hosts look frozen like I was in 1999/2000 during the tech selloff. They keep repeats it can't go lower and it is a buying opportunity. I am using their sentiment as a buy signal. When they throw the towel in we are at the bottom. Dividend stocks with good yields and sustainable cashflows are benefiting. Still amazed at the run in ENB and PSX. It is like a mania. They both have run up consecutive record up days and the pullback have been a day or so and very shallow indicating the conviction of traders to get in. I do not expect these plus 6 percent yields to last long in the current environment. In fact PSX is now in the mid 4 percent range. The current environment is not a wholesale market sell off it is just a rotation and an extreme one. Still keep powder dry to the April/May more severe correction if it come based on CPI/M2 timing indicator. Game of Traders is looking for one more extreme rally before the blow off. It could happen if the interest rate increase have the desired effect and the only have to do 1 or 2 raises instead of 3 or 4.. The weakness in some of the banks todays concerns me. I need to looks at their earnings report more closely on the weekend. They should be having good earnings in a modestly rising interest rate environment. It looks like a few had weak guidance.