The stock market collapsed last week.
The S&P 500 started the week above 1,980. Shortly after the market opened on Thursday, the index was at 1,930. That's a 2.5% loss in just four trading days.
It was enough of a move to send traders running for cover. Financial-television talking heads quickly turned bearish. And many said the correction we've all been waiting for was finally here.
So I surprised a lot of my
S&AShort Report subscribers on Thursday when I told them it was time to buy...
No, I haven't turned wildly bullish on stocks. There are
still plenty of reasons to be cautious right now.
But as we've told you in these pages before, if you want to be a successful trader, you have to become a "
connoisseur of extremes." This means monitoring the market for extreme situations where valuations, technical readings, or sentiment are badly out of whack. These extreme, "out of whack" situations often precede big price moves.
As regular readers know, we used technical reading extremes to profit in
Apriland
August.
And on Wednesday, we had another one.
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