Saturday Review’s recording (for 6/16/18) …Turning point.
This week closed unchanged from last Friday, but that’s a deceptively neutral characterization of the market. Actually, the week began with a rally that quickly peaked at what would be the week’s high. Four sessions ranged choppily sideways, supported by last Friday’s high/close. Then Friday’s gap extended down test last Friday’s low, and barely recovered to unchanged.
Maybe neutral isn’t a terribly wrong characterization. But it lacks two important pieces of context. That it was a contrast to the rally preceding it, and that it hovered around the maximum for being only a corrective leg.
Last week’s Saturday Review listed the litany of risks, influences and distractions that formed a minefield to cross. Perhaps ending neutral on the week is a success for the rally. But a lot of buying pressure was expended to maintain neutral, without gaining traction for the effort. Was it distribution? Did Friday’s dip satisfy the distribution? How will we know the difference on Monday?
These questions and more are addressed during this week’s Saturday Review.
The following stock requests were reviewed in this order:
ORCL, MU, AMTD, SQ, FB, AMZN, AAPL, NFLX, GOOG, TSLA