Recession, Stock Market tanking, and....?

[hemightbejeremy]

I said that the market will not behave the way you expect. I do think we will go down another 15%. However I expect us to get a run up first now that everyone is bearish. Then when the FOMO buyers get back in we will head lower. May 21.

I almost forgot about this correct prediction. Thanks for bringing it up and bolding for me. May 21 was a Saturday. The day before, SPX closed at a period low of 3900. It immediately gained 7%, sentiment turned and now we head lower.

I’m honestly not sure if it’s the leaded gasoline or the pool fumes at this point. Now, cue the next monkey sound.

 

[Crazyhole]

This is pretty surprising.

 

[hemightbejeremy]

View embedded media

This is pretty surprising.

Your graphs are getting weaker every day. They couldn’t even be bothered to put labels on the excel graph before they took the screenshot?

 

[Crazyhole]

Retail sales in May slip 0.3% amid surging inflation

Americans trimmed their spending unexpectedly in May compared with the month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items

abcnews.go.com

 

[hemightbejeremy]

Retail sales in May slip 0.3% amid surging inflation

Americans trimmed their spending unexpectedly in May compared with the month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items

abcnews.go.com

Sounds about right. People more cautious with spending with the market down and inflation up. Year over year spending up 8% in May. But month over month down 0.3%.

 

[Crazyhole]

This is gonna be tough on the housing market. Rent is gonna go up.

 

[goodknightfl]

I almost forgot about this correct prediction. Thanks for bringing it up and bolding for me. May 21 was a Saturday. The day before, SPX closed at a period low of 3900. It immediately gained 7%, sentiment turned and now we head lower.

You changed what you said just 3 weeks earlier when it became clear things are heading south. 3 weeks earlier you said don't expect bear market. You are like a super ball thrown in a small room with concrete walls, floors, and ceiling.

 

[hemightbejeremy]

Yeah you seem to have quoting issues from the lead. Not sure about your mental state here. You provided “receipts” of posts and bolded a post from May 21 (apparently, I haven’t gone back and looked) where I said the market is headed down eventually but I expected a spike up first. At that point, it immediately spiked up 7% and then continued down. But somehow your mush brain interprets that as some flaw in the levels of support and resistance that I posted. I never claimed to be able to predict with 100% accuracy whether we would bounce at support or resistance levels or breakout, but rather than the levels existed and bounces at these levels (up or down) are more common than breakouts or breakdowns. All this to say that yes, the overall picture can change on a week to week basis. There is nothing wrong with that.

 

[Ucfmikes]

I saw a $4.65 per gallon gas price in Orlando today. Down 10-20 cents. I think that we may be headed towards a downward trend. Lower demand and the increase in OPEC production may be the leading reasons

 

[hemightbejeremy]

This might be the catalyst to 3500 spx but I wouldn’t count on it. Still feel a high likelihood of a massive bear trap and we push to 4200 before the fall.

4200 coming any day now. Don’t get complacent here.

 

[goodknightfl]

4200 coming any day now. Don’t get complacent here.

I expect you may well be right on that one. I don't think we are beginning a new bull, but this dead cat bounce has not played itself out yet. The Interest rates will go up at least 2 or 3 more times and the economy will break some more before inflation is put back in its box. I expect at least one more leg down before a bottom of the bear. A growing economy is likely 6 mos or more away.

On a side note welcome to the Biden recession.