11:01
Unknown
High beta has been trashed for months now & many have fallen not below 50 DMA but below 200 DMA. Most of these darlings of last 5 years are making new 52 wk lows.
On Wall Street it is important to note any shift in "popularity"
Those who do not acknowledge these changes suffer badly.
BUT all bad things also comes to an end ......
High beta carnage may have seen its low point already.
It is important to know the difference between those who are ready to bounce vs those who needs many more weeks to muster any serious moves.....it is all in the charts..go with relative strength...anything @ or above 50 DMA are among the strongest...
Many are looking @ Head & Shoulder formation in Nasdaq & waiting for it to break the neckline......that is exactly the point to be "extremely bullish not bearish" as most of the "negativity" is reflected in reaching the neckline...smart ones shorted near "right shoulder" & have been covering near neckline........
Money is generally made in "safer trading range" which is from oversold level to overbought level".....we definitely have the feel of oversold market especially in high beta.
This week may be the week that Nasdaq & Russell comes back to life.....
This week we have a very good chance of a "major breakout" in S&P 500 & Dow.....they may make a decisive break to series of new all time highs.....
This week is also Option expiry week for week & monthly options...we are all set up for "firework" until Thursday........
SO...take advantage of improving trading picture......
BLOG does NOT give buy or sell.
Saleem
On Wall Street it is important to note any shift in "popularity"
Those who do not acknowledge these changes suffer badly.
BUT all bad things also comes to an end ......
High beta carnage may have seen its low point already.
It is important to know the difference between those who are ready to bounce vs those who needs many more weeks to muster any serious moves.....it is all in the charts..go with relative strength...anything @ or above 50 DMA are among the strongest...
Many are looking @ Head & Shoulder formation in Nasdaq & waiting for it to break the neckline......that is exactly the point to be "extremely bullish not bearish" as most of the "negativity" is reflected in reaching the neckline...smart ones shorted near "right shoulder" & have been covering near neckline........
Money is generally made in "safer trading range" which is from oversold level to overbought level".....we definitely have the feel of oversold market especially in high beta.
This week may be the week that Nasdaq & Russell comes back to life.....
This week we have a very good chance of a "major breakout" in S&P 500 & Dow.....they may make a decisive break to series of new all time highs.....
This week is also Option expiry week for week & monthly options...we are all set up for "firework" until Thursday........
SO...take advantage of improving trading picture......
BLOG does NOT give buy or sell.
Saleem
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