Stocks are a bloodbath this morning.
To be fair, the market was EXTREMELY overbought going into this correct. So, we are MORE than due for a drop.
The most egregious stocks in terms of being overbought were Tech stocks. This is where we’ll see the most severe drops. We bounce off support on Friday, but it’s highly likely we’ll work our way down to the lower blue line in the coming days. (COMP)
Tesla (TSLA) is the ultimate example of just how ridiculous things had gotten. It could almost HALVE and still maintain its bull market trendline (purple line).
Is this going to be a crash? For some parts of the market it will feel like it. For others, the selling will be less dramatic.
However, this DOES present us with the first REAL opportunity to profit from a collapse since the March lows.
Comments
Log in or sign up to join the conversation.