1/28/22 Getting Sideways on Friday


Markets generally moved sideways yesterday with a downward tilt. But that’s not to say there aren’t winners to be found out there…

Photo by Alesia Kozik from Pexels

AAPL reported blowout earnings and its stock is up about 4% in premarket trading.

NFLX surged nearly 8% yesterday after Bill Ackman announced his hedge fund, Pershing Square, bought 3+ million shares.

So we confirm there are buyers for the right stock. But I’m still looking for more clues of a bottom.


Markets remain oversold. The rubber band is stretched out almost as far as it can go.

The Nasdaq and Russell 2000 both managed to post a lower low while no major index posted a higher high.

The Russell 2000 officially confirmed a bear market and is gapping down this morning.

My reading … the bottom is near but not in.


On average in a mid-term year with a second-year Democrat president, the market declines a maximum of 7%. The market is currently off about ~10%.

But the rally for these years typically comes later in the year.

I’m not ready to make any big bets up or down. I think sideways action is the most likely short-term trend.


*Low Float

*TSRI has resistance at $14
*GMVD has support at $5
*SRRA has support at $24
LLNW has support at $4
MDRX has support at $19

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