Stock Market: Don't Want To Chase Here

Here's some of the notes we told subscribers today. While we've been sharing this weekly publicly, subscribers receive this and other reports intraday & daily on tech, trading and markets including our world ranked stock picks, timing calls and live chat. 

The market's run strong off the lows. For me it's extended so I don't want to chase. I need it to go sideways and work some of this excess out for me to want to step in long with a higher hit ratio opportunity. Here and now I don't consider a higher hit ratio opportunity on the long side and I don't see a nice slice break to get short.

SPY is down 15% from the highs. Not a lot. Record Fed stimulus has to be the reason.

The market closed higher than a key level for me 281 but it still is overbought after the run so I don't want to chase.

Absolute number of new Coronavirus cases is not slowing but percentages are slowing. So that not-worse is also helping the market with all the Fed stimulus. Still I don't see how the economy can rebound for a year-plus. We'll see and take it step by step.