I got really stressed and frustrated earlier this week because after many weeks of getting by with fairly meagre food reserves (with occasional small top-ups from mates getting me odd bits), things really started to get to the crunch and, quite frankly, I was bored senseless with the lack of nice tucker !!
By pure accident/luck, I had ordered a huge Asda Delivery about a week before things kicked off, and that has done me proud and I am sure I will still have supplies from that in several months’ time. The trouble was that I desperately needed food and having tried to get an Online Slot with Asda and being totally given the brush-off by their, so-called, ‘Customer Services’ team, I thought that a Click ‘n Collect Order from Sainsburys should have been easy enough.
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It might have been quite a significant week last week because the rebound from the Lows of a few weeks ago has been very strong and so much so that I actually placed a small Long Spreadbet on the S&P500. But on Wednesday we had a proper full-on attempt by Bears to grab hold of the markets and to take them down again, but that assault quickly fizzled out and by the end of the week we got a strong rally and a breakout to the upside. I’ll show all this in more detail when we get to the Charts and although it makes little sense in so many ways, it seems to me that Markets want to go higher and I am seriously thinking about adding to my Long S&P500 early in the coming week (probably Monday Night if the Charts give me the right inspiration).
When you just focus on the Fundamentals and ignore the Technical situation, there are a gazillion and one reasons to be Bearish and very few to be Bullish – but it strikes me that the loosening of Lockdowns almost everywhere is what the Bulls are grabbing hold of and of course there has been immense quantities of Market manipulation by the Central Banks and Governments which are forcing Investors/Traders into Stocks as the classic ‘TINA’ trade (There is No Alternative).
Well, the big question at the moment is whether or not the Markets have bottomed – and it is certainly starting to appear that way. Later in this bit of scribbling I will throw in some Index Charts and as per the Educational Blog I wrote recently about how the Bottom in 2008/9 was flagged on the Technicals, I will be looking in particular at the 13/21 Day EMA lines and in a couple of weeks we will get a good steer from the Monthly Candlesticks once April is completed.
The key event Technically this week was the Breakout Higher from ‘Cup & Handle’ Chart Patterns that I had highlighted on Twitter and were not just forming on Major Indexes but had also appeared on many individual Stock Charts (needless to say, if you don’t look at my Twitter Feed then you could be missing a lot of my thoughts that I tend to throw out as they formulate in the WheelieBrain – if you don’t have a Twitter Account then you can just look at the Feeds that are embedded in several places on my Websites). As a result of this Bullish behaviour, I decided to Close the Short Positions I had running on the S&P500 and the FTSE100 and for a change I showed some discipline in this action and I get the sense it will pay off nicely as I am now nearly 100% Long. If you skip to my ‘Trades’ page on WD1 you can see more details about this.
Hopefully this won’t be a hugely long blog because I don’t want to spend too long on it after publishing a blog last night and doing a New Podcast on Thursday and having spent a fair bit of time this week mucking about with WD2 trying to get the Theme how I want it. The latter is very much a soul-destroying way of burning time and, unfortunately, I need to do a bit more of it in coming days so that I can get it finalized and then apply the new Theme to WD1. And as Readers probably know by now, the last thing I want to do is to let writing stuff for the Website become like a Job !!
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Stocks & Markets WheelieBlogsThese tend to be more Markets and Stocks related and timely - the Blog Page on the Main WheelieDealer Website has the 'Educational' stuff (well that's the theory anyway !!). Archives
October 2021
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