You have to love technology. With just a few clicks I have become fluent in Spanish (the title of this post) , Arabic: إلى أين تتجه سوق الأسهم , and Romanian în cazul în care se îndreaptă piața de capital. Technology rocks!
You don't need a translator to see that technology stocks have been taking it on the chin recently. $GOOG, $AMZN, $NFLX, $PCLN are just a handful of the many tech stocks thats are well off their recent levels. This, to me, presents a great buying opportunity in the short term. I will cover this later on tonight or tomorrow in my market video. Tonight I wanted to focus on the S&P500 via the $SPY.
I like how the market has bounced off the recent lows. We find ourselves back above strong support at $184 and right up against $187 resistance. From a longer term perspective I think there is still the chance we are in the head of a head and shoulders pattern. For this to work out we need to drop to $172 on the $SPY in the next 1-2 months, then bounce back up to $184 to form the right shoulder. A collapse well under $SPY $170 would ensue from there. While I would not rule out that scenario, one that looked ever so promising just over a week ago, let us not forget where we have come from and how strong the uptrend has been since the March 2009 lows.
Every dip since the March 2009 lows has been a great buying opportunity for stocks.
Piața continuă să sfideze gravitația. Fiecare baie, fiecare titlu negativ, fiecare titlu pozitiv devine cumpărat. Până când vom vedea un model topping definitve dezvolta cumpăra tema baie din ultimii cinci ani va continua să lucreze.