As I mentioned Sunday, the rally from Jan. 23 to Feb. 1 looks indeed to have been a bear market bounce. The S&P; 500 rose to 1,396 last Friday but failed there, below its Nov. 26 low of 1,406. That’s the new resistance line, and it held.
We’re still in a down market.
I’ve been encouraging people to buy shares at bargain prices, and some have interpreted that to mean I’m bullish on the market. In the short term, I’m not. The Kelly Letter has been setting limit prices low to catch bargains on spikes down, and we still have buying to do. That means I’m expecting lower prices before we see higher, but I’m not worried that we’ll never see higher.
Know what you want to buy, set a cheap price, and let the market wander its path.
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