Market review (26/12-29/12)
“When you make a profit, you have to plan the sale and determine the profit.” -Mark.Mivernivi
A quick recap of the last week of 2023:
$NASDAQ 100 Index(.NDX.US$ Divided weekly and distributed on Friday;
$S&P 500 Index(.SPX.US$ & $Dow Jones Industrial Average(.DJI.US$ Funding is drawn up on Wednesday and distributed on Friday.
Basic sync, DJI>SPX>NDX.
$Invesco Exchange Traded Fd Tr S&P 500 Equal Weight Etf(RSP.US$ Still slightly stronger than $SPDR S&P 500 ETF(SPY.US$ , the breadth is still healthy.
NDX and SPX weekly charts: 9 weeks of continuous rise at the same time, still overbought, there is very little to do here.
Based on the experiences of Michael.Burry in June 2023 (entering the market more than 1 month early and shorting) and Mark.Minervini (recently shorted DJI, the small stop loss should have been out), I think I will continue to stand still and rest and observe. Currently, with 64.4% cash, there is nothing I can do, waiting for the market to act before responding. (More precisely, waiting for those stocks to respond to their actions)
AAII and FEAR&GREED INDEX are still hovering near extreme values, and we will continue to monitor changes over the next 2-3 weeks.
“Letting the power of the market tell you where to put your money, rather than your personal opinion, is rarely a good substitute for market wisdom. Opinions are meaningless compared to market decisions.” -Mark.Mivervini
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Ondo : According to my observations, mining stocks are also moving along with IWM and BTC. If the two go up at the same time, they will follow a major trend
, but the decline generally seems to be more related to IWM's move?
sTone83OP Ondo: There is some correlation, but risk still needs to be put first, and traders need to be patient and wait for the settings to appear
Ondo sTone83OP: AAOI MARA CVNA AFRM in '23 was all about reversals of dilemmas. What do you think in '24 is like this
sTone83OP Ondo: You need stocks to come out step by step; “I think” is meaningless