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Maybe it’s true. Maybe the bear market lasted all of eight months (November 2021-June 2022) and the bulls have been back in control all this time. It sure feels that way. The earnings wipeouts and jobs report were precisely what the bears needed, and those aids have been laid waste. AAPL, which reported its first revenue and earnings miss in seven years, is ROARING higher.
On a scale of 1 to 10, my trading confidence is hovering at about a 1.1 at the moment. Starting on January 6th (and, in a broader sense, last October 13th), this market has been absolutely sadistic to equity bears. So when does it all end? The monster earnings after Thursday’s close? The jobs report Friday morning?
I dunno. What I do feel confident of, however, is that the one screaming signal I’m waiting for is for TSLA to have the digit “2” at the start of its stock price. Assuming that happens, which will represent a 100% price increase in a period just weeks (!!!!!!!!!!) I will be vastly more comfortable deploying my cash.
I’ve had better days in my life. And weeks. And years (OK, 2023 is still young, but all the same).
Anyway, as usual, the initial reaction to the FOMC (a sudden drop) was exactly the opposite of the true outcome. More importantly, the bulls grabbed some MAJOR victories in chart-land today: Here we have the QQQ blasting away from its broken descending trendline:
