Momentum is bearish, but we're just above support. I bet bearish, buying inverses Friday but it's risky to go either way, til we see a loss of support or bounce. I'm slowly scaling into bear inverses like SQQQ TZA next week if they keep going up.
there is always a bull market somewhere....u noobs just need to know what to look at. hint: flip the spy chart upside down...do you see a bull chart now?
It's not really bad news. What we have is people rationalizing their takes to match the extreme negative sentiment in the media and amongst short term traders. Eventually that shit will end. It's not rocket science that sometime next year all these supposed catastrophic catalysts won't be all that meaningful in the bigger picture. The recession will be mild, supply chain will be fixed, consumer demand is going to roar back, the pandemic becomes a footnote. Inflation is already starting to drop and the rate hikes have barely had time to impact yet. Short term sure the public negativity has to be acknowledged and managed. If QQQ drops again so be it. Avoid IT for now. In the meantime I avoid all this US market drama and play commodity stocks only. Had a really good week last week ( up 7% account wide including Friday ). Friday I really only lost money because of one small cap on financing news. Mgmt. fked us over short term on their deals.