HGSI DOC TOP DOWN REVIEW 3.08.2020
The markets staged a nice rally Friday as I raced to cover much of my contra ETFs as volatility dropped substantially in the last hour.
Was this the beginning of a reversal or just some short covering before the weekend? Perhaps a little QE was put in the system by the FED to step the losses.
Well, Monday is a new week. We certainly appear poised for a bounce. This might occur Monday or Tuesday. However, this does not mean a race to new highs and could be another head fake.
I remain with a defensive stance but am poised to act as the market evolves. We had a VIX spike and drop on Friday and that might be signaling a time to buy.
OF course, news flow over the weekend and the Coronavirus pandemic can always trip up the market recovery.
Time to get our shopping list ready.
Dr. Jeffrey Scott is a private investor and educational affiliate for HGSI Investment Software LLC