Markets were flat for about 69 seconds after the opening bell then took a sharp decline towards the earth’s core. I picked up AMD, DDOG, and DKNG on that dump for a swing play. Haven’t you heard? Stocks can’t go down forever. One hour later and I’m already up 10% on those positions as the markets have somewhat stabilized.
I believe most of the market risk this weekend was waiting to see what happens with Covid cases and potential shutdowns. Things don’t seem so bad *right now*. I wouldn’t be surprised to see a predominately green close as we get closer to end of the day.
The WallStreetBets weekend chatter was full of ‘BULLS R FUK’ type posts which leads me to believe we see a bounce after last week’s bloodbath. Follow the sentiment and then inverse it, its just that easy /s.
On a more serious note commodity prices have been strong and bond yields are steady. Bulls will be fighting to hold that 300 line on the SPY. If we close green today I say we go onwards and upwards back to 307-310 level pretty quickly.
One cannot simply be bear or bull in this market, one needs to adapt. Become master of adaptation, like a FKn chameleon. Follow Swaggy into the light.