Another week has gone by and that's another week that we are soooo glad we are on the sidelines. We exited this market back on April 18th. Since then, Nasdaq has lost 1,699 points or 13% of its value.
At the beginning of last week there was hope. Monday had given us hope. After a terrible week prior, Monday saw the S&P 500 up .6% and the Nasdaq up 1.6%. Maybe we were finally into a convincing rally.
Tuesday and Wednesday fueled that hope. Small gains Tuesday followed by big gains on Wednesday. We hadn't undercut our low of Friday April 29th so the rally was still alive. All we needed was a final follow-through day advance on higher volume and we'd have a Green market once again.
But our hope was short-lived. Since Wednesday we've seen three days of big declines and we undercut our prior low on both Friday and Monday (today). So we are back to square one - looking for a convincing rally that will signal a re-entry point for this market.
For the benefit of the new members, here's what we'll need to see before we will re-invest:
And so we wait. Remember, this correction is a blessing in disguise for us. We will be able to re-enter the market at more reasonable prices while others have suffered big losses. Its all good!
As always, please contact me with any and all questions.
Duncan Campbell
50% Complete
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