I don't need to tell youhow glad I was away for the last few days having reverted a large portion of my holdings to cash. I will post more tomorrow but briefly here are my views:
1. The downtrend is not extended. It can go lower.
2. There is a bearish engulfing pattern on the weeklies, suggesting further weakness or lacklustre-ness ahead.
3. The bullish trend is still intact.
For me, the stock market is now holding a sale and I am a very happy shopper. But I am not rushing in to buy much…yet. I plan to slowly accumulate over the next few weeks.
Stay tuned!!
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