Stock Market: Don't Want To Chase Here

Here's some of the notes we told subscribers today. While we've been sharing this weekly publicly, subscribers receive this and other reports intraday & daily on tech, trading and markets including our world ranked stock picks, timing calls and live chat. To see our full comments along with specific stock picks click here.

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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All investments have many risks and can lose principal in the short and long term. The information provided is for information purposes only and can be wrong. By reading this you agree, understand and accept that you take upon yourself all responsibility for all of your investment decisions and to do your own work and hold Elazar Advisors, LLC, and their related parties harmless. All trades are hypothetical to show rating and opinion. All trades exclude relevant transaction costs. We have no holdings in the stocks mentioned unless otherwise noted.

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