Have we bottomed for this year?Yes AGE gained 6 pips to finish...

Have we bottomed for this year?

Yes AGE gained 6 pips to finish at 5.5c. Our volume was very high - just over 56m shares traded. Finally able to get out of the blocks hiding under CR veil for sometime. It needed a good announcement though to trigger a slightly bigger move. But many may feel we were in for a due. And many may believe that we have far to go to catch up, lets see.
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ASX U stocks were happy. Of the 28 stocks that I track, average gain was over 4%.
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Overnight US U stocks too did well with average gains of around 2.5%. U Futures steady at 69 though some claim we are on a new 15 year high already.
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So U stocks after easing roughly 20% from their recent highs are now again getting ready. But its clear we need general markets as well. Yesterday in early phase when general markets were down, U stocks were down too. They recovered with the indices. As I wrote on the weekend, we may not now go on a vertical, but rather a stairway approach - lets see.
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What next:
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SP 500 had a decent day gaining around 0.75% to finish at 4247. ASX though was not buying it and finished in slight red
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So SP 500 is now getting volatile and jumping up and down within the day. It has confused the punters and scared the shorters. At this stage as I have been writing before, above 4200 is good. But if we really want to see a rally, we need to get much higher, cross 4300 and reach 4450 - only then they may be a very high chance of a big rally. Otherwise it will keep punters on tenterhooks whether there is going to be a crash.
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When we were dropping from 4600 on SP 500, one number I had mention was 4170 - drop from neckline. Couple of days back, it reached 4189. Statistically when 430 point drop is being considered, we are within range as if we did our part - tried to reach 4170, bottomed and will now make new highs. So what I was thinking in one way has played out. That's the good path. So bad path? Lets leave it for now.
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Lead Indicators were good. VIX come down below 19. Yields dropped from 5 to around 4.8. Dollar Index nothing major. But Bitcoin - what has it done? Few weeks back was finding it difficult to hold 25k, yesterday reached 35k - yes near 40% increase in a short period. They say it represent a risk-on behaviour and usually is a lead indicator for stocks - its telling stocks may rally soon. Lets see, interesting times. Seasonality too says we make bottom in October. So did we do that at 4189 on SP 500?
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So what will happen tonight? Mixed earning reports after market yesterday. More earnings today. Tomorrow GDP and Jobs, PCE on Friday. All these may provide direction. Analysts are mixed at this stage - singing different tunes. But coming back from 4189 on SP 500 has satisfied one prophecy (if we don't fall back). Next is to make a new all time high in next few months. But first steps first, Get over 4300. Will that happen?. Lets hope so. All the best..