We're getting closer to my long-held forecast of a final melt-up leg into secular top.I raised my targets in my latest letter to S&P 6000,Nasdaq 20,000,DJIA 45,000 & RUT 3000.Parabolic melt-ups are extraordinary & extraordinarly rare.More correction here first & then historic run
The worst of investing/and fintwit is watching people pile on/beat up on investors that are down, including Cathie Wood $ARKK. Call me glass half full but she is down 50% from peak and still beating the Nasdaq-100 Total Return since inception. It’s actually quite impressive.
Great News. NASDAQ plunging 2%. Gold down 0.2%. Bitcoin down 1.4%. Silver up .01%. S&P down 1.6%. Markets crashing. Fed not printing fake money. Great news. Market crashes best time to get richer. Go shopping when Walmart & financial markets go on sale.
FUNDSTRAT: Nasdaq v. SPX today saw the “first confirmation that the Nasdaq has likely bottomed .. de-leveraging associated with the Fed hike timeline is largely done .. Our base case remains the S&P 500 rallies to 5,000 in late Jan before suffering a larger drawdown..”
The popular averages like the Dow, S&P 500 and NASDAQ Composite trading near their highs has created the illusion that the market in general is healthy. But currently over 36% of Nasdaq stocks are down at least 50% and a good portion of stocks overall are down 20% or more.
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