How To Act On Yesterday’s Drop

Posted by Joe Duffy | Sep 4, 2024 | Joe Duffy's Trading Advantage | 0 |

Monday was sharply lower across the board in stocks. As the attached chart shows the decline barely got the SPY below the 20 day EMA, which is the very minimum reset one would want to see given the size of the previous rally. False moves often precede real moves and I suspect a V style bottom is the near future for the stock market.

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The stocks I favor are Tesla and perhaps Nvidia though the latter had some change in the fundamental outlook with the company possibly being investigated by the Federal government. Still TLT is my workhorse and it was up very large on Monday. This will be the play of the next few months, just as it has the last few months.

Thanks,

Joe

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Joe Duffy

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