OTCPK:PGMFF - Post by User
Comment by
Welchspringon Sep 11, 2021 4:25pm
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Post# 33845396
RE:The Skies Do Not Appear To Be Too Bright
RE:The Skies Do Not Appear To Be Too BrightI want to echo TDSB statement. September & October are not good months to be buying stocks. I have been saying for a long time that the market is going to correct. There are lots of head wind issues - inflation is rising - whole sale price rose to an all time high 8.5%, we have major deficits, market valuations are getting to extreme highs, etc. In fact, have you looked at the small cap stocks - price to value numbers. The dot-com period in the stcok market is repeating itself. Poor value stocks lead to a zero price or bankruptcy. This is what happened in the dot-com period. I look at stock charts every morning and I can confirm there are 300-500 stocks on the US market that are extremely over priced. The charts are paraoblic.
The Dow Jones formed a lower low on Friday and dipped below the 100 MA. I get a sense that we are heading for a correction of 15% - close to the 200 MA.
I when to cash a month ago and have taken on a new strategy of doing daily trades. I read the market in the morning and if it's up I buy otherwise I sit in cash. I still have some gold stocks but if gold can't hold the 1780 lower range then I'll be selling those as well. Gold unfortunately is difficulty to determine what will happen over the next two months. I thought the charts were indicating an up trend as it had broken above the upper trend line but unfortunately there have been signs of weakness this last week and we've fallen down below the upper trend line. This is not a good sign and it deserves some watching.
Once we get through this correction I'll be backing up the truck to buy - buy.