re: sell-off
PJ there are always fundamentals, even if a company is broke it has fundamentals.
The point been made is that forecasted EPS growth this year is expected to be 0%.
Including the falls seen on the S&P 500 and the current increase in EPS has only brought the S&P 500 back DOWN to overvaluation levels and thus EPS have to do much much better to justify current levels.
As I forecasted the USD is going to rally and US interest rates will continue higher, this is going to cause bond yields to increase and with the S&P on its current PE Ratio stocks will be under severe pressure.
As for last nights rally its not uncommon, such other days where 17/6/2002, 5/7/2002, 24/8/2001 & 21/10/1997* - next week could turn out very similar to this.
As for a look on the chart, it’s a perfectly measured move. Very happy with it.
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