Charismatic Megafauna said:
Farmer @ Johnsongrass, TX said:
I posted months ago, there will be a buying opp this year, happens every off-presidential mid-term cycle for the last 60 years (except 2 times). You might wait until then to pick up some O&G. I think a small V recovery after the buying opp, then a dip and then a small Dec rally. I am holding my value stock positions for now.
Farmer, you don't think June was this opportunity? Seems like oa1 thinks it was
The most likely time period for the market to develop an opportunity is from August to October. In the event of market weakness to develop and technical internals I monitor give the signal,...a successful test of the mid June S&P 500 Index lows could occur.
From a personal sense, I would like to see an XOM rally before the buying opp occurs. I want to sell the XOM Jan/2024 Leaps in the rally and buy back during the buying opp. I'm now thinking those Leaps should be deep ITM. We'll see. I would then resell Leaps in a rally. Speaking of a rally/bull trend..
Today, updating my numbers, - as for 2023 -, I continue to see the S&P 500 challenging 5,000. Last month, I was getting a time frame of somewhere between Jan/Jun. I think that time period can still hold true with the help of the Fed moving more dovish from hawkish in OND22. If Jerome is able to soft-land in 2022, it's more bullish. Otherwise, extend that time period forward 3 more months. Lot's of head winds in the world and this Administration can't get out of its own way to avoid crippling itself and the U.S. economy.