1.The S&P 500$S&P 500(.SPX)$ gained 5.5% today, its largest % increase since April 2020 and 15th largest since 1950. One year later the market has often been higher following these large daily spikes (22 out of 24 times) with an average return of +31%. The 2 exceptions: Sep 2008 & Jan 2001. The only US index that looks very bullish is Dow, but then again Dow is price-weighted with 30 stocks. SPX is what really matters and it is still a downtrend. It should break 4100 first then we can talk! Good day though :)
Even with today's major rally, S&P 500 is down ~17.5% (~27.5% was the YTD low) and Nasdaq$NASDAQ(.IXIC)$ is down ~29.5% (~37.8% was the YTD low) YTD.
Everyone has a theory on why stocks can't bottom:
Until retail gives up
Until VIX$Cboe Volatility Index(VIX)$ hits 50+
Until FANG flushes
Until FED breaks something
Until shitcos go to 0
Until cryptos disappear
Just stop! No one knows when stocks will bottom, and I mean NO ONE!
2.Five out of the ten best performers (on this list) of the day have been down over 90% from their respective ATHs, and the other 5, 80% plus
$Apple(AAPL)$ $Alphabet(GOOG)$ $Alphabet(GOOGL)$ $Microsoft(MSFT)$ $Meta Platforms, Inc.(META)$$Amazon.com(AMZN)$ $Micron Technology(MU)$ $Intel(INTC)$ $Qualcomm(QCOM)$ $Taiwan Semiconductor Manufacturing(TSM)$ $SoFi Technologies Inc.(SOFI)$ $Netflix(NFLX)$ $Uber(UBER)$ $Roblox Corporation(RBLX)$ $Pinterest, Inc.(PINS)$ $Spotify Technology S.A.(SPOT)$ $Palantir Technologies Inc.(PLTR)$ $Salesforce.com(CRM)$ $PayPal(PYPL)$ $Coinbase Global, Inc.(COIN)$ $Snap Inc(SNAP)$ $CrowdStrike Holdings, Inc.(CRWD)$ $Sea Ltd(SE)$ $NVIDIA Corp(NVDA)$ $AMD(AMD)$ I mean is there undervalued quality on this list? For sure! But common, not the shitcos like $Peloton Interactive, Inc.(PTON)$ $Teladoc Health Inc.(TDOC)$ $Affirm Holdings, Inc.(AFRM)$ etc.
https://twitter.com/Gugo907/status/1590865390854606849
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