By Peter Tchir of Academy Securities
What a crazy 24 hours!
I do want to buy risk into the close, but am still a bit cautious because
- 1) my childish charts point to more downside on nasdaq
- 2) so many people expected the FOMC meeting to mark a turning point that money got put to work yesterday and shorts came off, exposing the market
- 3) and yes, I understand, TQQQ is not "the" driver, I think it is symbolic of risk and buy the dip... it started seeing heavy inflows April 26th. It is lower than at any point since then (down 17% today as I type). On rebalancing alone, it will sell into close, but if we see capitulation from recent dip buyers, we have more downside.
I am the least bearish I've been in some time, but too scared to get bullish