Transcript
Hello, everyone, welcome to Thursday. Today was an incredible day, the market dropped almost 5.9% on the S&P 500. And fell all the way back down to the 200-day moving average, we gave up some of the gains that we made over the last few weeks, we are still above the range that we were in before, that is actually really important. There’s a thing called a volume profile that I follow, which shows how many shares traded at different prices. And that six week period that we spent going sideways had a tremendous number of shares trading at that same price. So again, the theory is that people bought at that point in time it went up, and then it comes back down to a similar or the same spot, they’re starting to, you know, say, Hey, I could make money again and buy.
So that’s the idea behind support. And there’s a tremendous amount of support at this level. And so we’ll see how that plays out. on a good note, all of the holdings, except for one that we hope that we hold that are not in the broad market, and these little themed pieces, like cyber security and robotics and such, all did better than the market today. They’re down. You know, last two days when the market was down a little bit. We were actually up in those timeframes. But here, you know, we’re not but we’re down less. And so that’s important that does help with recovery as far as that goes.
What happened today was basically Chairman Powell, the head of the Federal Reserve, said some negative comments about the economy and unemployment and those types of things, I think, very realistic things. But it’s very different than the cheerleading that he was giving at the bottom. So sometimes when the markets are down, they’ll cheerlead and try to get things going into place in the markets get too far up. They’ll say some cautionary things, just to make sure that the market doesn’t get overheated. So we’re gonna have to see how this plays out. I’m still fairly optimistic. I think that that base of support from all that time we spend going sideways will help us and we’ll see how that plays out. And we will be watching, that’s for sure. So I look forward to talking to you again tomorrow, and we’ll see where this goes. And thank you very much.