Stocks Analysis by Jani Ziedins covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Jani Ziedins's latest article on Investing.com
Unfortunately, the 0.6% midday gains didn’t stick into the close, but the modest loss was still comfortably above the opening lows that undercut 4,200 support.This was one of those half-full/half-empty days that gave both sides something to crow about. The bulls saw a nice test of 4,200 support that held. Bears saw a skid into the close that keeps 4,200 support under pressure.
I’m an optimist by nature because stocks spend far more time going up than down. In addition, everyone knows stocks move in waves, so it makes sense that after a bit of down, it is time to expect a bit of up. In fact, the biggest and fastest gains occur during bear markets. Of course, I’m not a buy-and-close-my-eyes kind of guy. I liked Monday’s early bounce, and I bought it. But as a new position, I started small and kept a nearby stop under Monday’s lows. If the rebound continues on Tuesday, I add more. If the selling resumes, I get out and wait for the next bounce.
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