From the Desk of Kimmy Sokoloff
A complete late-day sell-off…
As JC said, February is like a hangover from the last three months.
Expert technical analysis of financial markets by JC Parets
by David
From the Desk of Kimmy Sokoloff
A complete late-day sell-off…
As JC said, February is like a hangover from the last three months.
by David
From the Desk of Kimmy Sokoloff
The $SPX was saved by its 21-day moving average around 4,080 and is now trying to hold above its eight-day moving average at 4,124.
Tomorrow is monthly options expiration, so we should see more volatility.
by David
This is the video recording of the February 16th, 2023, Weekly Town Hall w/ Willie Delwiche.
2/16/23 2:00 PM ET [Read more…]
by David
Director Richard F. Wallman filed a Form 4 revealing the acquisition of 1,000 shares of Roper Technologies $ROP, valued at roughly $424,950.
There was a 13G filed by Millennium Management, which reported a passive ownership stake of 5.90% in Evolus $EOLS.
by David
From the Desk of Kimmy Sokoloff
So, either the $VIX is broken or the market is.
The VIX was down more than 15% over the past few days, whereas the market isn’t really moving.
by David
From the Desk of Kimmy Sokoloff
So many names were running higher today, but $SPY just kind of stood still while $QQQ had lift off.
Stock selection is key.
by David
From the Desk of Willie Delwiche
Last week was the first time in 45 weeks that the weekly AAII survey showed more bulls than bears. The most recent stretch of pessimism did not eclipse the Financial Crisis in terms of intensity (the bull-bear spread bottomed last year at -43%, versus -51% in March 2009). But it did set the record for persistence.
Why It Matters: This newfound optimism is leading to some concern that the rally off of last year’s lows has run its course. This is based on the idea sentiment is always best used as a contrarian indicator. Leaning against sentiment tends to be most successful after it has reversed at extremes. The path higher for stocks becomes more clear as bulls replace bears. Rallies that are accompanied by rising optimism tend to be more sustainable. Optimism becomes a headwind after it becomes excessive and begins to fade. While on the watch for excesses, mostly we are seeing investors finally beginning to embrace stock market strength. At this point in the cycle, strength fuels optimism and optimism fuels strength. Increasing optimism after persistent pessimism is a welcome sight.
In this week’s Sentiment Report we take a closer look at how we need bulls to have a bull market and where to look for early signs that optimism could be getting excessive.
by David
This is the video recording of our February 15, 2023, Inside Scoop Weekly Strategy Session.