‘Godfather’ of chart analysis says the stock-market correction is over
Said Barbara Kollmeyer
Technical analyst Ralph Acampora went on a mini tweet storm a day after Wall Street stocks closed at 2016 highs
Rebound will keep happening for commodities, emerging markets, says Ralph Acampora
The direction for stocks is north, says this technical guru.
Ive never heard of Ralphy, but he must have a nice reputation. We'll see what happens.
So, t rowe price manages my 401k and there will be some changes since April 1 will be the day Cameron and Schlumberger merge. I wont be able to buy CAM anymore and for some reason SLB will not be available for me to buy. I chose to buy DFEMX which is an emerging markets fund. i only have 16 different assets to buy and most either move the same or lack volatility. My options are very limited but ill make it work. DFEMX is about 20% from its all time high and has been in a trendless slump for a few years. It has a weird chart with many holdings. Maybe it will crash for me, maybe not. I hope i will benefit from it if oil goes up, dollar goes down, china goes up or something major happens. Its chart mirrors Ford Motor Co which i cant explain. Ford will probably move lower so maybe that means i can get a better price for DFEMX. :-)
Its getting boring. The sp500 is hovering a little below its all time highs. Oil is going up like a snail but thats something. Most of the action lately has been for swing traders and day traders. Im still buying CAM which will become SLB, so im basically getting SLB about 35% off its high. Thats a good thing. Hopefully my 401k will have something that drops when SLB moves up above $85.
The equity market is still being propped up. Oil is rising but the dollar is falling. This is keeping buying and selling pressures about the same. The sp500 is not too far from its all time highs again. Equities will need a decent storm to knock over the current house before there is a real downturn. The house is propped up pretty well. Im thinking a major market selloff is now pending our presidential election. I need to check my 401k choices to see if anything is low. My current choice probably wont be a good deal anymore by this fall.
Someone decsribed the market as the walking dead. Right now a snapshot of the health of public companies will be ok on average. people argue this and that. At the end of the day, we have an equity market which is now trendless after years of solid expansion which took indices to new all time highs. There would have to be some fundamental change to be the cataclyst for another expansion. I dont see anything right now. There is no excitement about any particular industry carrying the rest. There is no breakthrough techology changing everyones lives right now. If you are arguing against a major market downturn, you are basically arguing against business cycles. At best, the equity market will go sideways for another year or two, then start another expansion. Hopefully i will.be able to buy indices cheap in my 401k soon. Oil wont be at a big discount much longer.
