Charismatic Megafauna said:
Considering that your bear manifesto the other day kicked off this awesome rally i think I'll take the under on this one :p
The period between 2000 and 2008 was a bear market bounce. The market acted like a bull market in short bursts but chopped around and melted upward like a bear market in extended bursts.
That is why I am highlighting the very key resistance levels. If this is a new bull market we might not have complete confirmation for a while. But if it's a bear market bounce, we can use our guides - previous bounces - and play them off our key resistance levels while expecting chop and decay in between.
And until there are any meaningful economic macro market indicators that show strength building, we are in a bounce fueled by a mixture of seasonality, looming election, media gaslighting, and Cramer "FED will pivot" nonsense despite all actual evidence to the contrary. And we know O&G are about to get bullish for seasonality. And we know we hit a low with massive oversold indicators prior to getting to where we are.
So we assume bear market bounce until proven otherwise.
“Give it hell Heinekandle, I’m enjoying it.”
- Farmer @ Johnsongrass, TX
“No secure borders, no alpha military, no energy independence, no leadership and most of all no mean tweets - this is the worst trade I’ve ever witnessed in my lifetime. ***Put that quote in your quote/signature section HeinendKandle*** LOL!”
- also Farmer @ Johnsongrass, TX (obviously in a worse mood)