Give or take a couple of points but it's only less than 100 points away that could be done in just 1 day.
Really don't get this fascination with calling tops and bottoms, especially considering the current market conditions but I'll go ahead and say 791 = BOTTOM haha...j/k, I have no clue when this shit's gonna bottom out. I feel for people who are retiring this year
That's the level many traders are watching closely. But the question is, will it rebound and make higher high? or lower high then lower low? I think he S&P look more like a double top than anything else.
Today's low of 825 brings the bottom closer! I'll be looking to go long some long term stocks, like MSFT, C, CSCO, INTC etc., not much maybe like 500 each with a 1 year outlook. Any suggestions on strong under priced ones?
I'm thinking like: CSCO Hi 14 INTC Mid to low 12 MSFT Low 20 poor old Dell Hi 9 maybe? AMD at 2.65 area QQQQ Low 25 C Hi 9 AA low 8 All entries will be based on patterns near the target prices which could end up with Zero fills though at these prices. what say(recommend) you? Holding 1 year or +33% whichever comes first. No stops, to monitor and hedge negative pattern formations with ES option strategies.
Of the 3, the techs are probably OK but NO NO on C. Not sure about MSFT, but at $14 or less for INTC you get a 4% DIV; not bad (not great) if it drops more before rising. CSCO just has good solid market position and cash to weather the storm. Contraction is evident but largely priced in. Panic and fear however may yet prove to be priceless (danger of bottom picking) dunno.