And don’t you dare even think about buying the dip on a big-name tech stock that’s sinking over 80% right now…
None of that matters because WealthPress Senior Strategist Roger Scott just discovered something completely brand new, and he’s going live at 1 p.m. EDT today, Tuesday, June 14, to share his findings in a special event!
We’ve been talking for a while now about semiconductors making a comeback and the potential for them to lead a short-term market rally higher…
Which then pushed the market over the edge on Friday. This thing has fallen off a cliff at the fastest rate I’ve ever seen…
We’ve also been talking quite a bit about companies like Snap and even big, bad Microsoft suddenly dropping revenue forecast downgrades out of the sky soon after reporting earnings.
The big news this past week, aside from Friday’s HOT CPI inflation number?
Semiconductor company Intel — a former sector bellwether — said the global economy is slowing, hurting its business…
The news, of course, spread across all semiconductor stocks, dragging down chip names across the board. And that was before Thursday’s final-hour flush that sent the market spiraling ahead of Friday morning’s Consumer Price Index report on inflation…
Which then pushed the market over the edge on Friday. This thing has fallen off a cliff at the fastest rate I’ve ever seen…
U.S. stock futures traded lower Monday morning with the S&P 500 poised to fall back into bear market territory following the worst week on Wall Street since January.
What I find interesting is that the DIA, which tracks 30 large-cap Dow stocks, is trading near its previous lows and that its relative strength index is overdone.
It looks like there’s a good chance the market could rally because stocks tend to make their lows into Monday morning, but then turn around and peak out by the afternoon. In other words, we usually see the end of the week turnaround from the previous week on Monday…
So it wouldn’t surprise me if we experience a nice reversal because we’re gapping down quite a bit…
The put/call ratio is at 1.20, which means the market is bearish because traders are buying more puts than calls. The bottom line is that the market is grossly oversold right now, which means the best option for us is more upside over the next few trading days.
A Double Bottom is a technical analysis charting pattern that describes a change in trend, and a momentum reversal from prior leading price action. It describes the drop of a stock or index, a rebound, another drop to the same or similar level as the original drop and, finally, another rebound. The double bottom looks like the letter "W." The twice-touched low is considered a support level.
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We just got the largest year-over-year increase in inflation we’ve seen in over 40 years, despite being told last year inflation has peaked! And Jeff Zananiri has some words.
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