Indexes are oversold and should bounce. However, P/C ratio is only .89. This market may have to decline further. Bonds are in a free fall as interest rates move higher. Check out the 20 year treasury bond ETF, TLT.
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New $QQQ short term down-trend; June swoon?
I noticed that the QQQ short term trend was turning down on Monday and so I sold some positions and hedged others with put options. We are in the period when earnings are mainly out and we often see a decline until 2nd quarter is over and earnings begin to come out in early July. IBD still sees market in confirmed up-trend.
18th day of $QQQ short term up-tend; waiting for July, $AMBA shines
While the longer term up-trend remains intact, I have reduced my long positions in my active trading accounts. My longer term university pension accounts remain invested long in mutual funds. I am still expecting some weakness in June while we wait for the release of second quarter earnings in July.
On the other hand, IBD says the put/call ratio reached over 1 on Thursday, indicating a lot of bearish option trades and a place where the averages tend to bounce up. Maybe Thursday’s decline was over-done. AMBA sure held up, showing that people are still following good earnings news.
