Royal Caribbean Stock- Am I Wrong About a Stock Market Correction? By StockNews
© Reuters. Am I Wrong About a Stock Market Correction?
For the past couple weeks I have been stating that it is not yet time to buy the dip. And yet the S&P 500 (SPY) just keeps climbing back towards 4,200 and seems hungry for more. Am I wrong? Or am I early? That will be the focus of today’s conversation. Read on below to find out more….(Please enjoy this updated version of my weekly commentary from the Reitmeister Total Return newsletter).
Let’s talk about facts, then get around to opinion and strategy.
The market did test the 50 day moving average on May 19th when it swung down to an intraday low of 4,061. However, it never tested 4,000 like I suspected nor crossed under to take a shot at the 100 day moving average 1% below that level.
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