Henry Clews wrote in Twenty-Eight Years in Wall Street (1887):
But few gain sufficient experience in Wall Street to command success until they reach that period of life in which they have one foot in the grave. When this time comes, these old veterans of the Street usually spend long intervals of repose at their comfortable homes, and in times of panic, which recur sometimes oftener than once a year, these old fellows will be seen in Wall Street, hobbling down on their canes to their brokers’ offices.
Then they always buy good stocks to the extent of their bank balances, which they have been permitted to accumulate for just such an emergency. The panic usually rages until enough of these cash purchases of stock is made to afford a big “rake in.” When the panic has spent its force, these old fellows, who have been resting judiciously on their oars in expectation of the inevitable event, which usually returns with the regularity of the seasons, quickly realize, deposit their profits with their bankers, or the overplus thereof, after purchasing more real estate that is on the up grade, for permanent investment, and retire for another season to the quietude of their splendid homes and the bosoms of their happy families.
The market has witnessed a 6 to 7% correction in last few weeks. It has been a volatile period with many up down intra day swing. At this juncture a logical move will be a bounce. The mean reversion kind of methods like RSI2 are in buy mode for sometime.
The bounce needs a breadth to support it. Vicious bounces in down market are common and many last 3 to 5 days. But they do not necessarily mean end of the down turn. Down turn will end when you have a breadth thrust of 2 plus.
As of now if you want to play the bounce you can play with a ETF . The other way to play is by individual STIB breakout. A 3-5 day bounce might have many STIB b/o working for next 3-5 days.
But remember that the move can be very volatile based on news flow. And things can change in a jiffy if new news comes in.
As of now futures are indicating a good start to US market.
Read more at Stock Bee
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