Well, it has been a wild session. The street fights back against individual investors, using the usual media sources as platforms for an onslaught of criticism over the market’s move.
Of course, conversations are centered on those areas where we are seeing massive, short squeezes. But for many, the overall market has come too far too fast – or maybe that’s not the real concern of the pros.
If we are to be honest, their concern is more about the economic freedom of individual investors and they seem to be praying like primitive cultures to the volcano deities to vanquish them.
What’s so funny is when they bash these folks and certain stocks for hours on end, they feign surprise when those stocks come down. LOL
The broad market is not immune to such negative chatter, so gains in the NASDAQ and S&P 500 faded.
This is when I start to lick my chops.
I always welcome a chance to buy something I missed or maybe closed too soon when its down on this kind of chatter and not from changes in underlying fundamentals.
The VIX is higher but still a million miles from where it was last March and just tickling 2021 highs.
The market has taken a defensive posture, but I think we can see buyers reemerge before the close, especially in those mega-cap names. Right now, old safe havens are the only sectors higher, as the campaign to jawbone this market lower has shifted into overdrive.
We’ve taken a fair number of profits and we want to ride the waves. But I am excited to have cash (if your cash position is tight contact your representative), and I am ready to pounce. If you are not a current subscriber to our premium Hotline service, contact your account representative or email Info@wstreet.com to get started together.
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