We’ve been writing for several months now that The Up Trend that started on 12/26/18 is still intact. It would appear that BOA lead analyst is now in agreement with us :-)
According to Bloomberg:
Financial markets are set for a “risk asset melt-up” in the first quarter of the new decade, according to Bank of America Corp. As Brexit and trade war risks recede, and with the Federal Reserve and European Central Bank still adding liquidity, the outlook for the beginning of 2020 is bullish, strategists including Michael Hartnett wrote in a Dec. 12 note to clients. The strategists expect the S&P 500 to reach 3,333 by March 3 -- a rise of 5.2% from Friday’s close -- and see the 10-year Treasury yield hitting 2.2% by Feb. 2, an increase of 36 basis points.
We fully agree that the underlying mood for the market is very bullish, and Surge10 has quite a way to go.
The most important strategy now is to find a reasonable place to jump on this bullish train and ride Surge10 for as long as possible.
The second most important strategy is that we should not bet against this market, no matter how irrational it might appear to be. Day trading a small short position is fine when prices appear to reach a short-term top. But as we all learned, holding a short position overnight in this market can result in a lot of pain.
The full article covers:
Market Internal Indicators
Support & Resistance Levels
Planning Your Trades
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