Another rough week on the market and I am sure you, like me, are beginning to think it might be time to scale back or bailout. This is a long-term game and when the time comes, I will get out. Let me just say this before I show you the closing numbers. We are reaching levels that are concerning. My stock portfolio is getting smaller and smaller because I have been selling positions that reached 5% sell levels and others that indicated it was time to take the profit. Today I had to sell one of my longest holds and that was Apple.
This week I will cover our charts and where we are along and after my conclusion, I will talk a little about Tesla and ETFs. Last week, the entire market just felt like a selloff or profit taking. I think once I show you the S&P 500 daily chart you will come away with the same feeling about last week’s move that I do.
I was actually hoping this September we would see no drama but after this weeks churn that hope may be fading. There was no safe haven for investors unless you were 100% G-fund. Damage? There was a little but it was not as bad on the charts as you might think. Nothing goes up forever and what happens next week will likely be more telling than what we saw this week. I started selling stock positions because I didn’t want to give up profits earned but that doesn’t mean I closed all positions. I’ll have more over the weekend.
For now, enjoy your evening and have a good weekend relaxing.
Did you think I forgot you this weekend? The markets are closed today, so I saw no need to post anything until now. The markets began September positive, but there was a small shift going on last week. Does it mean anything? Not sure because it is too soon to know but I will point those shifts out as we move through the charts.
Last week we saw one of our indexes finally break out of a six month pattern. I will also make another move Monday because of that breakout. New highs, new highs, and new highs, seem to be the theme and you have to wonder when the party will end. The way we follow trends should get us out before we have to give it all back as long as we do not see the bottom just fall out. When that day comes, is anyones guess, so let’s get to the charts and see what we see.