Nailed The Stock Market 5% Correction
By Lawrence
Yesterday S&P 500 finally tagged the primary short target on my long term call in the Market Bias Observer newsletter. People poked fun at me since S&P traded above 1650 when I said the market is due with a 5% (or at least 100 points) correction. Majority of the famous gurus at the time, including the bears, failed to see the signs.
It is my first time providing directional call in my newsletter. It feels different because of the responsibility and restrictions with a long term market call. I have to say it is more difficult to do than managing hedge fund.
Back in the old days when I was managing money for other people, I have many more tools available to me. I can day trade, hedge with options, etc. I can even change my mind intraday to improve performance when I see strong evidence that market will spend the day going against my long term positions.
When making a call in a newsletter, I cannot make the trading ideas too complex or it will be difficult to follow. In retrospect, I think the first call I made is already too complex for the purpose of a newsletter. Streamlining that is definitely something I have to work on.
For now, it feels good that the call worked out.
Great call !!!
Yes, that was a great call LC. I’m always curious about your swing projections so I hope you continue posting them when you see fit.
We as traders all have different styles and timeframes when trading. You can leave it up to us as the traders to use our own discretion on how to approach your signals.
That is a good idea.