Broad Market Outlook
As summer has officially came to an end, the market left us feeling blue, as the exciting end of summer run lacked the momentum to finish strong. As lack luster as the markets overall summer end pull back was, the enthusiasm for the market as kids get back into schools and adults get back to the office will start to pick back up.
We are still dead smack in the middle of the range in a market that we want to continue avoiding until it can shake out new lows and pivot.
Or more simply put, we want to wait for the 10 Year to retest its prior high and start to fad, once we see this, then it will be time to look to put risk on. Yet when 95% of stocks are closing down on Friday, we don't want to be the first ones through the door Tuesday morning looking to be a hero.
Continuing to avoid the market as the hard trade is still in effect is the A+ set up unless you can find one better and if so, please call it out on the Pre Market Call tomorrow.
As painful as it can feel to sit in cash or do nothing, sometimes that is the smartest play out there. Block out the markets irrational emotions and continue to trade with the level head.
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Sensitive - sectors that have moderate correlations to overall market conditions.
Cyclical - sectors that are more sensitive overall market conditions.
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Defensive - sectors that tend to outperforming during sub par market conditions.
Big Picture Set Up
Other then my own personal bullish reasons for ABNB over the long term in the short term we can see this base forming in it between 120 and the 130 area vs 110 for now. With out beaten up most stocks are and how this name is holding up, could be one to keep an alert set.
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