3/18/2020 Markets sell off but VIX not spiking upwards. Good chance the bottom is in for the entire market. I’m thinking we move 12-13% up from here.

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. 

BA daily 3_18_2020

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s