as of LATEST HOTLINE
Stocks recover Monday’s and Tuesday’s loss in spectacular fashion
I do not think we are out of the woods, however.
The S&P 500 Index gained almost 4% on Wednesday and another 2.4% today, bringing it into positive territory for the week so far and erasing half the 12% losses of the July 20-August 25 correction.
Our models remain neutral-negative, but a strong day tomorrow could unexpectedly trigger a revision to neutral...
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Latest Newsletter (Aug 21)
State of the Market:
U.S. and European stocks are retesting their six-month lows
(As of pre-market on 8/21) It appears that the immediate danger is past for now and that stocks will interrupt their decline near current support areas. Unlike earlier in the year, however, current risks now point to further downside over the next one to two months.
This once again brings the S&P 500 Index just below the 2040 support area that I mentioned on the August 20 hotline (which I do not consider to be violated, yet). Likewise, the Midcap SPDR (MDY) has fallen to retest its March lows in the $269 area. QQQ has been stronger than the S&P 500 over the past several months, so its support zone is an uptrend line, but as with so many other equity ETFs, QQQ too pulled back to its support area on Thursday...
In this issue:
Bottom-fishing Opportunity: XOM
Bullish Indicator Pointing to a Correction
S&P 500 Trend Change
Portfolio Performance Updates
VIEW SAMPLE S&F PORTFOLIO RESULTS
SAMPLE ETF Rosters
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