Market turned up today because the Dow Jones rocketed up with +690 points last evening. Most stocks gap up and tried to run higher but some hit with profit taking in place. The coronavirus had increased and killed more people with higher death toll while Donald Trump increased the quarantine period to April 30 but still with all this bad news, the market trended higher? How was it possible? Should I read correctly, the market has already factored all these news and all the bad press during the period where the swings was volatile.
The market is always fast forward and moving ahead instead of current looking. Hence, the Singapore market gap up today was because of the sell down was too fierce towards the last minute where a lot of last minute retail buyers thought they saw the bottom to only realized that the market closed low end of day. Those cut loss yesterday will be in dismay while those held on to the flush made $. See the Top 30 Volume, so many stocks are "trying" to move but hitting a roadblock as of now. See now, 11.13am at the Top 30 Volume, the profit taking took place. See most blue chips, they are simmering down!
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Ronald K - Market Psychologist - A Stock Market Opportunist
