Originally Posted by lewdog:
Fakeout or breakout?!?!?!?!?!
That's the trouble with tops and bottoms...you never know if they are in until they are in.
I wouldn't guess that we had much further to go on the downside here. We've dropped off heavy for various reasons but I think those reasons are getting fairly well priced in. The market will eventually get back to looking at earnings.
That is to say if the Fed & Biden Admin. don't fuck things up.
This is how I see things playing out for the near term...
Market corrects or in the minds of some, crashes...
People see their 401k go down
Spending on going out stops
Spending on frivolous wants stops
Overspending on housing stops
Generally speaking, spending starts to cool off
That should hopefully get some of this inflation in check.
The Fed needs to stop buying bonds.
The Fed needs to raise rates effectively but carefully. (Good luck)
The Biden Admin. needs to quit trying to dump trillions of $'s into an economy that already has an excessive amount of demand and excessive shortage of supply.
If things worked out we would go the Reagan route of raise rates, cut taxes.
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Originally Posted by scho63:
AMC to the moon! :-)
MTG come out come out wherever you are.
He and KChiefs1 have kind of proven my earlier points lately. They spammed the shit out of this thread for months, just like all of the AMC holders were doing all across the internet. Then when things went south, crickets.
They're not here to actually discuss strategy. They're here to pump a stock because it makes them money when they convince other dumbasses to buy into the hype.
I do hope they got out, though. As much as it irritates me how they discussed it, I don't actually want people to lose money.
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Going out on a limb a bit here but I think we have put in a short term bottom. Could very well be a bear market bounce. Resistance on the SPY is around $450ish.
Downtrend is fully intact mind you.
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