I thought this crap looked really familiar, here’s the COVID rebound upside down.
I maintain bearishness but watch out for the Fed next week. Also, just because garbage stocks are tanking doesn’t mean they tank every day, you can’t expect stocks to drop 10% 2 days in a row, which is why I dumped CHWY puts yesterday.
All foreign markets are already at pre-COVID levels which is why they bounced and pumped US . US market isn’t there yet. NQ might not reach preCOVID levels because FAANG stocks (minus FB ) are doing well, but small caps should all return back to pre COVID levels eventually. Some already have….
I no longer care if the weekly goes oversold, there’s no appetite for garbage stocks. The weekly indicators stayed overbought for an extended time during the pump. Now everything is inverted.
Gonna be tough trading because the market will gap up more often than not since Europe already hit bottom.