There wasn't any good news today either. However, the stock went up really fast more than expected after Trump declared the national emergency.
This could be one of the 2 reasons:
+ Short-seller realized and secured their gains from last week, this included options. This is a reasonable action because of some huge changes from the Government might happen next week. This week alone, they have stepped in the market 4 times, including today (pumping money into the stock market (private sector), cutting interest on loans for students, signed a bill of 50 billion dollars for COV-19 counter. Still, this only helps the economy temporarily. Until the vaccines are deployed, people still see the red market.
+ Private sectors are down by 50%, which is a good buying signal. Some took this opportunity and purchased them.
Technical: Not really time to buy because stocks fell 1.5% within minutes after hitting the resistance line (blue), proving it was a weak buying trend.
Things to do: Wait for news, be patient before hopping right in.
This could be one of the 2 reasons:
+ Short-seller realized and secured their gains from last week, this included options. This is a reasonable action because of some huge changes from the Government might happen next week. This week alone, they have stepped in the market 4 times, including today (pumping money into the stock market (private sector), cutting interest on loans for students, signed a bill of 50 billion dollars for COV-19 counter. Still, this only helps the economy temporarily. Until the vaccines are deployed, people still see the red market.
+ Private sectors are down by 50%, which is a good buying signal. Some took this opportunity and purchased them.
Technical: Not really time to buy because stocks fell 1.5% within minutes after hitting the resistance line (blue), proving it was a weak buying trend.
Things to do: Wait for news, be patient before hopping right in.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.