In lieu of causing max pain, it seems the controllers of the market have decided to stick another major knife into retailers the past few weeks. Looking for a reversal in the short term.
Bull PT: 476 short term Bear PT: We have another 5-10% drop (highly unlikely)
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Just missed my stop...let's see what happens next. Biden did not instill confidence in anything nor did he clarify anything except his FUD of using the words "Nuclear war" when prompted about Russia...Not looking good.
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Welp - started off good, but markets rugged again :)
It's headed down to $430 as a first stop on the way down. Covid bull market is over. Time to get familiar with bear market action for the foreseeable future.
ZephyrFinance
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@ssinykin, after today, I would agree. a 3% intraday swing on indexes is good for no one.
ssinykin
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@ZephyrFinance, It is common in bear markets, and I believe there is about a 30% possibility we have now entered one. Best case for the market is going to be a steep and painful correction (like March 2020, not as extreme, tho). I currently give this a 70% probability but could become a bear market if the Fed is forced to be aggressive with rates, inflation becomes entrenched, and growth slows dramatically. In that case, despite a slowing economy, Fed will not be able to provide the liquidity they did in March 2020. At that point, market is fucked. Get used to shorting, if you want to remain solvent.
cyberluck
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this pattern definitely looks like some wave 4 sideways action.....they pumped this market so much, now they're going to suck the life out of it. we're just liquidation ponies and puppets.
WorldEconomics
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Sorry but there volume for buyers isn't there, plus the Fed wants to shrink its balance sheet so there really isn't any reason for a rally. We haven't even had a 15% correction yet either. Equities for 2022 will most likely end lower than it started with, especially when the biggest market influencer isn't buying anymore.