Stocks Analysis by Avi Gilburt covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Avi Gilburt's latest article on Investing.com
When I read an article on just how bad some view this inflation data, it was no surprise when I saw the following comment:I assume that was likely the feeling of most during those days.
Yet, the interesting thing about Friday’s 1.2% decline was that it was not accompanied by any news. And, when I perused the headlines and what people were writing about the decline, it made me chuckle at how they struggled to explain it. Here is one example. “But I think having digested the additional economic data that’s come out, as well as ongoing geopolitical pressures and other developments, we’re seeing today investors pulling back and taking a breather,” Bassuk added.The last 3 days in the market are an exceptional example of how foolish it is to attempt to trade the market based on news. And it also highlighted just how “they are all making it up and have no idea what is going on.
“Observers’ job, as they see it, is simply to identify which external events caused whatever price changes occur. When news seems to coincide sensibly with market movement, they presume a causal relationship. When news doesn’t fit, they attempt to devise a cause-and-effect structure to make it fit.
At some point, one must approach the market from an intellectually honest perspective. And, when you get to that point, then you begin to recognize that what you likely have followed for many years as to what drives the market is nothing more than folly. Now, if you look at the chart, you will see the general expectation that I have for the coming week. Ideally, I am looking for a bounce in wave ii and then for a follow-through to the downside over the coming weeks. But, since we now have the exact high in place for the potential wave 2, I am able to identify our downside targets in a more precise manner and have updated that chart to our subscribers.
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