hang in there bears maybe this friday

Apr 30, 2020

we can see the 200ma on the daily very close at 300.and allmost at the top of the linear channel also the money flow is near overbought. we know that the economy is in far worse state than the stock market currently reflects. we need to accept the fact that SPY completely detached itself from reality. just because the blue chip companies are doing fine doesn't mean the entire country is alright. the GDP report earlier today showed a -4.5% decrease and next quarter is expected to be around the -~30% . yet the stock market is rallying with no justification. even the fed said that is going to take a very long time 1+ year to be back to normal, yet we are only 10% away from all time high. its nonsense. after country opens people will realize this is no V shape recovery. i suggest if buying options to buy at least for July puts, because all this dumb money buying and buying could make it very frustrating. good luck