Hi everyone. Although I’m still waiting on the AAII sentiment indicator reading for this week, I think the bottom is in for both the overall stock market, and a bit more confident that Boeing has finally bottomed. For Boeing, we could still see spikes down to the low 90s like we saw this morning, but I believe it has bottomed and will start moving upwards. I sold another put (100 strike price put for $10) when the market opened this morning.
I’m using Boeing as an indicator for the overall health of the stock market because it represents a relatively large portion of the Dow Jones and follows the airline industry.
3 – 4 week recovery targets below (~12-13% for the indexes and 50% for Boeing).
SPY 270, DIA 230, QQQ 200, BA 150.
Boeing daily chart below.