Markets closed the week on a strong note Friday as “smart money” bought up cheap shares.
NFLX was bought by Bill Ackman its CEO. Kathie Wood bought HOOD. Barron’s called TSLA a buy at these levels.
Even a giant German bank bought AAPL.
Small caps continue to suffer as nearly 80% of stocks trade below their 200-day moving average.
Oil is closing in a $100 per barrel as tension between Russia and Ukraine so no signs of easing.
Markets remain oversold. Although some tension was released on Friday … Markets look rangebound at the moment. A breakout above recent highs could signal a strong rally ahead.
I’ll consider buying a breakout but am unlikely to do so today.
If January sets the tone for the year my ears aren’t pleased.
The first trading day of the month is typically positive as paychecks hit bank accounts and real buying commences.
I’ll buy a weak close that doesn’t break support. Follow my Twitter feed to any trade announcements this afternoon.