Thank you for the terrific feedback I received on my video. If you received the post by email and could not access the video, please go directly to the blog site at www.wishingwealthblog.com and go to Monday’s post. I plan to post a video every Monday morning.
We had a nice bounce from oversold on Monday. It will take a while to see if this is a real turn, however. I am waiting until things move back up towards resistance to see if things can break through. If stocks start to weaken again, I will buy some QID to make money as the Nasdaq 100 index stocks decline. This is the time for me to wait on the sidelines and to watch carefully for a signal. Monday was the 26th day of the current QQQ short term down-trend.
The “Sell-in-May” news mantra appears to be holding up, so far. Take two windows, both of the SP, and stack them vertically; Same time frame, same scale. Line up the months, with each chart beginning on Dec. This year’s pattern is eerily similar to last years. The first of May appears to be the High-of-Month, and yesterday the expected pullback. If the pattern holds true, the low is yet to come, in June/July. The election year Bullish bias during the 6 month run to Nov may skew this year. We shall see.
The past is not the key to the present !!