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Ashraf Aboudar
@ashraf_dd · Jun 8

Since Friday, we have not moved anywhere on the $SPY and are stuck in a sideways trend below significant resistance while the tech $QQQ fell 1.7% yesterday

Technology stocks took a hammer to the head yesterday. It will be interesting to see where the market decides to move. Which way do you lean?

For me, a correction wouldn't hurt, but this market is still very much in hype, so I prefer not to trade anything.

BG
Barrett Gardener @justbarrett Jun 8

Agreed, it needs a correction, maybe even a drop and then further up.

AA
Ashraf Aboudar @ashraf_dd Jun 8

Yeah, it would make sense

WS
Willard Spencer @willardspencer Jun 8

A correction would be in order...

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Ashraf Aboudar @ashraf_dd Jun 8

Consent

MS
Mikey Stone @mikeystone Jun 8

I buy bonds and when they go up and stocks go down I sell them and buy ETFs.

AA
Ashraf Aboudar @ashraf_dd Jun 8

So the main thing is to have a plan. That's great - now just make it work.

RB
Randolf Babcock @randolfbab Jun 8

I think it might just be a slight correction before an even bigger hype. My guess is that people who didn't hold before will buy and still those big tech companies will fly up maybe 5-10%.

AA
Ashraf Aboudar @ashraf_dd Jun 8

That's a possibility, but if that happens, the subsequent washout will be huge too...

RB
Ralphie Barlow @ralphiebarlow Jun 8

A correction wouldn't really hurt, but I'm not counting on it. The optimism in the markets is huge.

AA
Ashraf Aboudar @ashraf_dd Jun 8

It is, but. It can go up, but not much. It won't venture down much, as it will be bought out immediately. It's a question we'll know the answer to when the market goes one way or the other.

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