In a market that is very extended on weekly views, and not making any great headway on the daily view, cash is king. There are, however, some stocks that are worth owning IMHO. See if this makes sense to you.
Watch the video for how you can tell if a trend may be changing. SSYS provides some good material for analysis. The SPY is on thin ice here with the Bears looking ready to take a bite out of the Bull.
Just sharing my take on today’s action on the SPY chart.
That big red bar at the far right of the daily SPY chart is Bearish to be sure. Watch your profitable positions carefully so that all that profit does not evaporate into a loss.
One should take the action in the market seriously at all times. I am less than 20% exposed to stocks and ETF’s as we have discussed in recent videos, and I would welcome lower prices.
This selloff is no big deal to my analysis, and it can be a very healthy and normal event.
If we keep going lower to the green and even red lines drawn on the chart, that would be fine. It would be nice to get some things on sale for a change.
Not to confuse you, understand, the larger trend is still up, but after a day like today, you should be ready for a short to medium term trend shift in the context of the larger bull market.
The bull is alive and well. Some stocks and ETF’s are still at good buy points.
Funny take on a serious truth here.
New all time highs on the S&P 500 index means that anyone who owns shares in the index as a whole is making money.
That is bullish.
That is the wall of worry an investor climbs to make money.
Here is our analysis on what to do now: