Time to Buy Stocks? TQQQ Analysis -73%
Updated
There is something to be said about speculation.
Here we have the QQQ 3X fund, testing a key area. Not only are we testing a key area, but "large-risk" (largER anyway) is currently sitting -68% from the all time high.... Even more weird, when the whole world economy was shut down in 2020, TQQQ contracted -73.28%; oddly enough, at least in this view... we bounced at... -73.28%. (these measurements could be off by a few percentage points I just measured it once and they happened to be the same measurement.
Anyway, this looks like a good risk reward entry. I have bought and will continue to provide updates. For now, I have bought with the expectation that price will test the all time high from here.
God bless.
Here we have the QQQ 3X fund, testing a key area. Not only are we testing a key area, but "large-risk" (largER anyway) is currently sitting -68% from the all time high.... Even more weird, when the whole world economy was shut down in 2020, TQQQ contracted -73.28%; oddly enough, at least in this view... we bounced at... -73.28%. (these measurements could be off by a few percentage points I just measured it once and they happened to be the same measurement.
Anyway, this looks like a good risk reward entry. I have bought and will continue to provide updates. For now, I have bought with the expectation that price will test the all time high from here.
God bless.
Trade closed manually
Following up on this post. I think it prudent to hold off on any further purchasing of TQQQ. In general, I am suspect of the market overall, especially with oil looking like it needs to correct / pull back. In the meantime, let's wait for a more convincing bottom to develop in stocks. I should acknowledge, this post has received more likes than what I usually see. I suspect this is due to the likelihood that "people are ready to buy again"...? I don't know. At any rate, we need to wait a while longer.
Last, I sold all of my tech stocks at open on Monday, 6/27.
Be well! God bless!
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