Throughout all of last week I warned that the meltdown was a buying opportunity, not the start of a major crisis. Day after day, I warned that the financial media was trying to terrify everyone to get traffic and eyeballs to their websites and shows.
Well, stocks exploded upwards yesterday. From trough to peak some indexes have risen 8%.
The S&P 500 has reclaimed its 200-day moving average. It has also begun to close the first major gap established by last week’s meltdown.
We are just getting started. The gap between breadth and the S&P 500 is ENORMOUS. And it will be closed in the next month or so.
Indeed, the last time the gap between breadth and the S&P 500 was this massive was in late 2018.
Stocks ended that year UP 28%: one the of the best years on record.
Look, I don’t claim to be an expert on viruses. However, I am an expert on the markets, particularly the impact central bank policy has on them. And central banks have made it clear they will be going NUCLEAR to support stocks.
Stocks could revisit the lows one last time… but the long-term chart for the S&P 500 tells us 3,600 or higher is coming this year alone.
I’m not saying I like the Fed, or even that a Fed intervention is the RIGHT thing to do… I’m just saying that I believe the Fed has begun intervening and will continue to do so.
For that reason, personally, I am bullish, INSANELY bullish about the markets.
After all, what are the odds President Trump is going to let his beloved stock market go down the toilet during an election year?
I DO NOT care about politics. You can hate President Trump or you can love him. That’s 100% up to you.
But the reality is that under the Trump administration the stock market is giving us a once in a lifetime opportunity to GET RICH from our investments.
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Chief Market Strategist
Phoenix Capital Research