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Fakeout Or Shakeout, Season IV, Episode 7
Since literally everyone everywhere has been saying, this thing is insane, it's overbought, we need a correction? Well folks, the good people at Fitch Ratings just stepped in to play their part in the August Seal Tossing Games.
So where do we stand? Has the Nasdaq, for instance, engaged in a terrifying drop? Is it now at the level it was in ... 2019? October 2022? January 2023? Oh wait. No, it's right where it was about three weeks back when everyone said it was at an insanely high level. For now, not much of a correction, yet. Technically though, the indices remain stretched and a pullback overdue. If it comes, it won’t be because of a couple analysts at one of the lesser ratings agencies. It will be because Big Money was planning to sell anyway, but just found the air cover beneath which it could do so.
So, as always, for our Premium and Pro members we step through our longer-term outlooks for the S&P500, the Nasdaq, the Dow and the Russell 2000. If you’d like to sign up for this stuff and have yet to do so, there’s a button right below.
If you’d like to take it to the next level, however, and join our Cestrian Inner Circle service? Over there we not only keep much closer track of the short-term movements of the indices but also run a real-money service where we tell you in advance of any trades in the index ETFs we make in staff personal accounts. Inner Circle is our finest work, and our fastest-growing service. You can learn all about it, here.
OK. Enough with the hard sell. Back to our charts.