Tuesday Jan 10, 2023
Recall that the major indexes all peaked between Nov and Jan 2022. Looks llike they just did that again.
Maximum mood occurs at the ed of a rally or ddecline. Friday and Monday gave us just that with about a 1,00 point rally.
That fizzled Monday reversing a 400+ point increase.
After trending sideways most of Dec, the largest part of the rally occurred the last few days and then reversed.
If stocks have begun a three of three selll off, bonds might hold recent gains but then they might sell off as well. I am getting nervous as the path of
our closed end munis is now near vertical. Intra day chart beowq
And on the daily chart BLE has just touched its 200 day MA, an A B C pattern is clear, RSI andd PMO are high, might be best to take profits here.
AMZN is an important 'proxy' stock for the entire market. It popped along with the major indexes but also reversed most of Monday's gain but stilll managing to close positive. Its open will be another clue for the rest of the week.
on the Tuesday Open.
I visited with friends in New Braunfels yesterday. I was amazed at all the activity, The parking lot of every restaurant was full. We left at 1 00 and there was still a long line waiting to get into Clear Spring restaurant. We are early in the bear market and the vast number of people are unaware.
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