With the Fed's magic wand back in the toolchest, IMO there's not much funny-money helicopter hopium to keep markets aloft as it has over the past ... 15 years or so. Ergo, my 'bias' is to the downside, which means I read any rally or bounce as something not to be trusted.
I sold my inverse (QID) on Friday afternoon, and put a bunch into SPY and QQQ. Not saying that’s smart. Just saying I did it. Maybe I get lucky, I’d probably sell if we opened higher. But after 7 straight down weeks, 8 for the Dow, I’d be hesitant to be short right now. But yeah, no matter what happens this week, seems we go lower from here a month from now. with all that said, don’t count your losses Ken. We all know Sunday night futures mean less than nothing,
Jerome Powell is a joke when official inflation is at 8.5%, he says their 0.5% interest rate hike is supposed to magically, drop inflation lower? You have oil and commodities still going up. Everyone is going to need oil and commodities and there are massive shortages of baby formula. CSCO cannot even get its parts due the supply chain problems. Yeah, everything is hunky dory. Add to that, hacks on cable tv saying that the stockmarket has reach capitulation. The sheep is being led to slaughter.
We are soooo far away from capitulation. Look at the volume spikes in 2007 and early 2008. Then look at now. This market is awash in funny money still. The only thing that can save us now is if Putin goes tits up. And even then... sell the news.