It seems ancient history now - the bottom and rise. But it was just 7 days ago when the mandatory entry point occurred on a Thursday morning. The Nasdaq has climbed 8%, tech stocks - a couple times that, and slightly OOM calls,
100's of percent. The general pattern of flats and jumps - giving a blocky aspect - is classically bullish, along with the two outstanding single-day rises.But that's all hindsight. Either 1. Right after the Nas bounced up off the
1900 area the third time on Tuesday or 2. It gapped up and rose on Thursday, traders with a continuous Nasdaq chart in front of them and aware that the Nas was -11% into its first big correction (a time of terrific potential) entered the market with depressed tech stocks or options.Other traders and investors, taken up with the economy, the war, jobs reports, and assorted other BS - which have almost nothing to do with overall market movement, simply missed it. But it's just what it looks like - probably a major bottom - almost too pretty of a pattern to really work - sharply down, three days about flat, then sharply up - all in a wonderful market background of correction.
Whether it's still the bottom a year from now cannot be known, although there is a good chance of it. But there will be other bottoms that offer large gains in that time - for those that remain basically bullish, stay aware and recognize the entry points, and settle with repeated 'modest' gains, sans losses.
New Breed of Stock Trader