Stock Market: Don't Want To Chase Here
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The market's run strong off the lows. For me it's extended so I don't want to chase. I need it to go sideways and work some of this excess out for me to want to step in long with a higher hit ratio opportunity. Here and now I don't consider a higher hit ratio opportunity on the long side and I don't see a nice slice break to get short.
$SPY is down 15% from the highs. Not a lot. Record Fed stimulus has to be the reason.
The market closed higher than a key level for me 281 but it still is overbought after the run so I don't want to chase.
Absolute number of new Coronavirus cases is not slowing but percentages are slowing. So that not-worse is also helping the market with all the Fed stimulus. Still I don't see how the economy can rebound for a year-plus. We'll see and take it step by step.
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