April 29, 2022 Market re-cap
Lots of red, everywhere. Steady downward action all week and closing on the lows. Major support levels have been lost.
If you’ve been reading along for a while you know I’ve been cautious for weeks. This is why you have to use stops and manage risk closely.
Some recent darlings have been crushed.
$NFLX is now down -72% from its all-time high
$AMZN is down over -33%
$FB was down -56% at the lows of this week
$PYPL down -73% and back to the Covid low
And the list goes on and on. The lesser quality names and more speculative areas have been hit harder.
The good news is that there is a method.
You can manage the risk.
And with capital intact, when these moves are over, there will be tons of opportunity.
Here are some weekly charts. I’ll look for some good news and report back later in the weekend.
$SPY just above February lows
$IWM Bear flag
Clear your mind.
Rest and recharge this weekend.
Emotional capital is important too.