This article did not age well...
Came across this article published on the 24th of March in the AFR by Michael McCarthy (chief market strategist at CMC markets). He could not have been more wrong... Shame I felt the same way on the 24th March too. Lost my ass holding BBUS in the week that followed.
Posted Apr 29, 2020, 10:38 AM UTC
10
Give it time
Edit June 2020: I was wrong
Yeah, that's my feeling too... This rally just seems to be going on and on though.
Honestly can't see the rally going on for much longer. It's been a pretty damn big bounce but who knows... I've been telling myself it will drop for over 4 weeks now lol
I’ve been expecting the drop since the first green candle. Starting to think it’s my bias that is causing the rally
Honestly, my take on this has changed a bit lately, I used to be a "This can't go on much longer" guy too. BUT, as long as the US keeps plowing forward we will stay green. And the current US administration will do whatever it takes to be able to say "We saved the economy during a worldwide pandemic" until election day comes.... in November. The level of QE we are seeing in the US today is completely unprecedented and the potential long term damage is large, but short term (months not days) it seems like their unashamed willingness to BRRRRRRRRRRRRRR is providing a lot of confidence that companies will not go under - and therefore will all eventually recover to ATH and beyond.
Me personally? Raging bull until US elections. After that? I'll have to take another look at my crystal ball.
If that's the case might cut losses with bboz and bbus
I guess this post didn’t age well
You think it's all going to end with bboz up in the high 20's?? Haha.....bruh.....there's a lot of smart money tied up in this economy with a lot of people in positions of power that will keep this thing afloat at all costs 😂😂😂😂
To be honest, I don't have any clue one way or another at this point. Sitting in cash ATM.