Amazon’s show of strength on Monday when most other stocks were falling is testimony to the revival-tent fervor of its institutional sponsors. They bought AMZN and a few other ‘lunatic’ stocks with impunity, including AAPL, TSLA and GOOG. This is no active of boldness; rather, it simply shows what DaBoyz can accomplish when it is only a relative handful of stocks that need their support. The illusion of a powerful bull market will continue as long as all eyes remain on the FAANG stocks. Although the Dow fell 157 points to begin the week, bull-market fever is still very much with us. Concerning AMZN, a second ‘Hidden Pivot’ rally target I proffered here yesterday at 1639.19 is still worth watching, especially if you don’t trust the stock market at these levels. It lies $40 above, and it looks well capable of stopping bulls in their tracks.
Bulls Not So Bold as They Seem
- March 13, 2018, 10:19 am
Equity markets are now nearing 40 trading days from a 20 and 40 trading day high as well as an ‘all time high’ point.
40-60 trading days from major highs and or lows, increases volatility and signals that a major turn is starting if failing to create a new high/low point.
Several indexes are at and have created lower 20 trading day high points, these are interested areas towards pricing to the longer degree.
Markets should be carefully observed as towards a the new ‘Hillary Falling Dance Step’ call the ‘tumble and fall.
Have a great day Rick and thanks for all the hard work you do.