Ian Woodward's Investing BlogRome Wasn’t Built in a Day…but, Where’s the Beef?
Today’s volume on the bounce turned out to be very disappointing, leading one to recall the caption above, from all of 20 years ago. There is no question that buying came back in to the “Game Plan Index” I gave you several days ago. (See an earlier note below.) However, today’s action was little more than marking time and we will soon see a retest of the lows I described earlier. Remember 1371 on the S&P 500 is the line in the sand.
The good news is that the Game Plan Index has recovered a bit, but we need a lot more. The Tsunami still shows the Index is on a sell, and we need this to turn to solid green again, before the coast is clear. Keep your powder dry and don’t be too impatient to start nibbling. We still need the Big Bad Wolf to Huff and Puff one more time to see if the Market can hold or fold:
From today’s action, expect that retest of the lows soon. Ignore today’s green bar. Best Regards, Ian.
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