Quote:
Originally Posted by PaceAdvantage
If I'm wrong, I'm wrong. I don't carry positions overnight when trading, as a rule, so it really doesn't matter to me if my long term outlook is wrong.
Taking in the big picture though, a price needs to be paid for all the partying and excess and spending and free money that flowed forever...then you add in the whole COVID thing...all that money spent...the lockdowns...the economic and jobs impact of THAT whole thing....
We haven't even yet begun to pay the price for that in terms of the market, IMO...so...that's why I say go back to 2008 low and work from there to see where this market might end up.
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i like the way you are viewing this in terms of time frames.
the way i look at things now, the US stock markets have been driven by 2 major factors, 1. interest rates, 2. the strength of the US dollar. so today we are getting a major uptrend on the basis of the news that the tariffs implemented to China going to be reduced. but still, on the other hand, we now have sanctions on Russia. tariffs and sanctions have a history of backfiring on our country.
the bottom line, for the time being, is that the move up today is just a bounce in the context of a bear market. it turns into a bull again if it goes up 20% off the bottom.
