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Markets recovered almost all day losses in one swift swing

As soon as S&P 500 touched 200 DMA investors jumped in in a fast and swift buying and propelled the market up pairing almost all intraday losses.

 
S&P500
 

The 200 day MA seems to be holding as a support for now as we bounced. If the support holds we may see more buying coming in and we may be on a path of a recovery. But I still expect a lot of volatility and choppiness before we find a proper direction.

As a trader, I am staying out meaning no new trades but managing the old ones. I am preserving a capital. I might be opening a new trade only if safe.

As a long term investor, I am adding cheap stocks to my portfolio.

Stay the course and stick to your plan. Let other panic.





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