Thanks for the articles! These buybacks seems a little fishy to me as they increase leverage, especially when some corporations do with very high P/Es (spending lots of cash, but not cancelling many shares with higher prices)?? I guess if they are growing revenues and earnings simultaneously it makes sense, but for some like IBM it probably wasn't best use of cash.
*I think the bottom is in, at least short term, mainly because I sold some stocks last week....and I am about as retail as it gets...just couldn't handle anymore pain on some of my positions!
Yeah, the buybacks will come back to haunt these companies & those who buy into the fake buyback rally.
I called a ST low because the selling was really intense on Thursday and the market shot up from the low as many buyers came in; there was more selling but even more buyers came in and the markets could not go lower; but, again, there was more selling and this time the bulls overcame the bears and sent the market highe, for a higher close on Friday. Waves of selling met strong buying and the bulls won.
The intraday ranges, the rallies, dips, and one-minute bar ranges were phenomenal. However, the IT momentum is with the bears so the bulls will have to put out all they have to keep this rally going. First target is SPX 2690, then SPX 2710.... If the market can't rally to these levels then SPX 2500 handle will be achieved in a session or two.
Edited by dTraderB, 28 October 2018 - 05:27 PM.