|Re: Mark Cuban thinks there will be another down leg|
I’d point out to Mark Cuban the action today was from a standing start, no inflated 500 point futures gap but from a flat open. I suppose we must use fear and greed to our advantage when playing the market, those limit down days were like we’ve seen before, not much fear about in the market at the minute although that could change I suppose, I see stocks that have lost 80% yes 80% of their value over something that may only last a year, with huge amounts of money on the sidelines we’ve now got the people thinking am I going to miss a as huge leg up. Dow 29,000-18,000 is a HUGE haircut. Very quickly people have figured out those limit down days are over and yesterday I posted we’ll see less volatility now. It looks to me the market anticipated 2-3 really bad quarters and that’s priced in. All I know is I’ve gained an average year in my retirement account in a very short time and I’ll guarantee people are sat there holding a bunch of cash thinking any pullback and they’ll be in, that I think will stop anymore tanking of the market. Two weeks in a row jobless numbers have been record numbers and the market rallied, let’s see what tomorrow brings
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no disclaimer from me....I just tell it like I see it
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| Reply to mflutie1 - Msg #2833362 - 04/08/2020 21:22|
Mark Cuban thinks there will be another down leg
"“Long term, I’m hopeful; short term, I’m uncertain,” he told the business channel.
The disease, which was first identified in Wuhan, China, in December and has infected nearly 1.5 million people worldwide, has forced the shutdown of personal and business activity, including the NBA, in an attempt to curb the spread of the contagion.
Cuban’s comments came as S&P 500 index SPX, +3.40% technically entered a bull market, having now risen 20% from the recent low put in on March 23....said that a positive tone in the market may be a case of “buy the rumor” and “sell on the news” as “reality sets in.” Cuban said that people are natural optimists, and he’s hopeful too, but added that this doesn’t mean he’s buying into this current rally.
He suspects there will be another leg lower at some point, he said.
For his part, Cuban is biding his time in cash and accumulating more when he can.
“I haven’t bought anything in two weeks,” he said. “I was in a lot of cash, and I’m trying to get more cash,” he told the network.