Anybody Buying Yet? Where’s the Bottom?
- Thread starter NEWHunter
- Start date
SAJ-99
Well-known member
SPX is sitting almost exactly at the 200day ma of 3990. 50day is 3911. A breakthrough would be very bullish technically. We will see how much resistance we see at this 200day level. Earnings will start rolling out soon and I can't image the 2023 outlook will be very optimistic. No upside to CEOs to overshoot on estimates. Main problem is around 4000, we are up 4% YTD and stuff starts to look a little expensive even if the current estimates of $225/sh are correct.
TLDR: sell the rip?
SAJ-99
Well-known member
HODL!
Seriously, if we can close two days above 200day, it should go higher. Fundamentals don’t justify, but they never really do.
Alabama
Active member
I know the markets are forward looking but what has caused such a strong rally the last few days? I just can't see corporate profits growing when the Fed rate is still sitting at 5% 6 months from now. Bear market rally?
SAJ-99
Well-known member
No clue. Maybe it is as simple as the AAII sentiment indicator? It it really hard to be bullish. Seems it's true that the market will do whatever hurts the most.
It sounds like the day to day movements are largely driven by algorithmic traders. 60-70% of daily trading is supposedly done by algos.
BigHornRam
Well-known member
The dollar's worst tumble in 12 years could be just the beginning — and the Fed ending rate hikes will fuel 'ongoing weakness', a UBS strategist says
The dollar's recent slump looks set to continue through 2023, UBS Global Wealth Management's Dominic Schnider said Friday.
markets.businessinsider.com
SAJ-99
Well-known member
That’s a good thing, not a bad one. It’s working off froth from the sharp rise in US rates. UK, EU and Japan will raise rates until we get back to some semblance of normal. Practically Goldilocks.
The dollar's worst tumble in 12 years could be just the beginning — and the Fed ending rate hikes will fuel 'ongoing weakness', a UBS strategist says
The dollar's recent slump looks set to continue through 2023, UBS Global Wealth Management's Dominic Schnider said Friday.
BigHornRam
Well-known member
Good if you are an exporter. Bad if you like fancy French wine. Good or bad, it is a crack in the dollar that you didn't see till now.
SAJ-99
Well-known member
The problem was the dollar at 114, not 102 or even 98. Stability would be ideal, but nothing has been stable the last year.
noharleyyet
Well-known member
Thanks Brandon...
KB_
Well-known member
crypto has been doing weird stuff the last few days. Some stuff going around on the webs about crypto going to zero. Kinda funny watching people say what the crypto market is going to do. Nobody has a freakin clue lol
SAJ-99
Well-known member
Yeah. Super weird. It has been going up.
KB_
Well-known member
I'm not complaining lol. I just find it entertaining that nobody has a clue what crypto is going to do.Yeah. Super weird. It has been going up.
SAJ-99
Well-known member
Crypto survives 2023 and it will be a legit asset. It certainly needs to clean out the dirty laundry.
KB_
Well-known member
Agreed, Its worth it to have some in the background if you can afford to spend. I've been increasing my holdings during this "Sale" but money I would otherwise spend on things that dont really matter. I'm wasting that money anyway so its like putting it into a lottery ticket. If it works out, great. If not, oh well.
Certainly dont throw money at scam coins but there is at least 10 that have some integration into society in some kind of way that I think are worth having some kind of holding.
SAJ-99
Well-known member
Too many, unless you can prove a separate use case. People can't just be allowed to create a new crypto whenever they want. That is how they got into this mess.
D
