Post by
drbob512 on Sep 02, 2020 12:41am
Rising wedge broke to
the upside for semiconductor sector, proving that technical analysis only can imply probabilities, not certainties as usually rising wedges break to the downside. Nasdaq, QQQ, & S&P 500 all made new ATHs. The VIX has been above 25 past 2 days as many expect a consolidation or correction/ pullback in this overbought & overvalued mkt. Bears have been wrong since early April as Don't Fight the Fed, govt stimulus plans, extremely high money mkt balances, & bearish sentiment, have accounted for the massive rally since March 23rd, and it isnt over. I expect investors & institutions (who havent participated fully in this bull mkt) to bu each dip. Now the upcoming election could provide the excuse to sell & a 3-7% correction that will likely lead to at least a test of ATHs. Growth stocks had a strong day today & continue to lead the mkt to ATHs. My faves continue to be IIPR FSLY FVRR TDOC LVGO AAPL.