Market Report for Oct 20 2020
As has already been mentioned over the past few months, the best method of entry at present is with pullbacks.
Nasdaq Composite +27.9% YTD
S&P 500 +6.1% YTD
Dow Jones Industrial Average -1.2% YTD
Russell 2000 -3.3% YTD
NYSE Vol: 834 mln (B)
Nasdaq Vol: 3.2 bln (B)
Portfolio % of Return:
FX & Comms: +2.25
“There is a good chance we may see a further move downwards” is what I said on the last weekly webinar and yesterday we had the biggest bar range on the S&P500 in 18 days and a BrRPI bar to end the day. So, not what we want but it is what we expected.
We want to stand aside and watch how this unfolds and if volatility increases, which there is a good chance of. If a C&H develops from this with the PB being a BuF at 50ma then that would be a potential buying opportunity zone for us.
The long term trend is still bullish and that is still intact so be patient and lets wait for new opportunities.
Let’s go trade!