Slow Recovery (?)

PUBLISHED Sep 25, 2021, 6:24:54 PM        SHARE

imgTom Hamilton

Last Monday the bottom feel out and the NASDAQ Composite Index (chart below) dropped below my first level of Support at 14896. My general rule is to use the low of the bar that closes below that first level of support as my guide to hedge / close positions going forward . . . unless the volume of that day is very high (folks rushing toward the exit). This drop has been generally expected for weeks now and all it took was for the Chinese real estate developer Evergrande to rumor a series of loan defaults. That "lit the fuse". But notice that the volume was not excessive, a little above average (dashed blue line) but not up into the red line (average + 30%). In short, "orderly". At this time this just looks like a slow recovery, but make no mistake, this IS a different market than the previous 9 months. Time to keep an open mind about what this market is telling us. Take Care & Press On. .......... Tom .......... (more discussion at: www.special-risk.net )

I/we have a position in an asset mentioned

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