Yesterday I wrote about a possibility of market turning into correction or pullback. I was aware however about new money flowing into the market, although in slowing pace than a month ago (see the yesterday’s chart and Chaikin Money Flow; any value above 0.10 is considered as heavy buying, although it is slowing down). Today, it was proven that investors were jumping in buying the dip. The market stopped for a moment to take a rest. As I mentioned yesterday, the sell off could only be a bump on the upward road. The market can only rest a bit in a consolidation pattern before it shoots higher. The earnings season was very strong and it is what keeps investors buying stocks. In my opinion, I would be cautious, because it is now difficult to see what the market wants to do. So I am sitting aside and saving money for upcoming opportunities. I will be buying stocks at these levels only if they present themselves as a great buy – lower than fair value, great story, pullback, etc.
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Agree. That’s why I am cautious. I also need to be careful at these levels since I am leveraging my account. If done improperly, the downturn can be very painful.
Great analysis and reasoning Martin. Honestly this market good get all the way up to stupid levels like 2000 and 2007 only time will tell.