Friday March 27, 2020
The market recorded either a Wave 2 or 4 three day rally. Incredibly Charles Payne on Fox Business was recommending a newbie relative buy, yes Norwegian Cruise Lines. I say incredibly because Charles used to be in the investment community before becoming a tv star. It could be years before a Cruise line records a profit.
Remember a bear market records sharp iimpressive rallies, most of which fail. And this one promptly did. Charles even commented, they don't want to miss out as they missed the March 9 2009 low. Well the equivalent to that low is a long way off.
And of course NCLH is down 22% just today!
Notice how price moved down to Feb 10, then sideways, then a big move down to march 20 and then finally a brief countertrend rally. This is the wave principle unfolding before your eyes. NCLH will noow take out its prior low.
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