Need to catch up on #MysteryBroker calls, as people keep asking.
Last reported check-in was March 4, when he thought the late-February S&P 500 low would hold at 2950 and if not "will not go much lower."
It absolutely did not hold, went much lower: fell 24% the next 19 days...
Last reported check-in was March 4, when he thought the late-February S&P 500 low would hold at 2950 and if not "will not go much lower."
It absolutely did not hold, went much lower: fell 24% the next 19 days...
The night of March 23, reviewing what the “most oversold levels ever,” #MysteryBroker called it “one of the greatest all-time panics in the history of the stock market..."
On March 23, #MysteryBroker said the low was close, within days, said virus-case growth would peak within 20 days and “when we finally bottom we will have a few up days that will likely not allow investors to get back in...."
(You don’t need to believe #MysteryBroker was on the right side at the recent March 23 low, but he was and I have no reason to mislead about the call of an anonymous source. I usually offer updates as I get them, never got to it. My bad...)
And now? #MysteryBroker says low is in, he likes riskier/cyclical stuff over quality, high-yield debt still a buy, shutdown ends within six weeks, economic comeback faster than most now think....
The #MysteryBroker says question now is whether we need a typical retest of the low within 5-8 weeks. Usually yes, but "but believe because that view is the consensus that the retest will likely take a different form." Only some sectors, retest, for instance...
Points out that retests are not “required,” but usually means a low that’s not retested is less reliable. #MysteryBroker notes the December 2018 low that wasn’t retested gave way pretty easily last month....
And finally....
