Stocks are a bloodbath this morning.
To be fair, the market was EXTREMELY overbought going into this correct. So, we are MORE than due for a drop.
The most egregious stocks in terms of being overbought were Tech stocks. This is where we’ll see the most severe drops. We bounce off support on Friday, but it’s highly likely we’ll work our way down to the lower blue line in the coming days.
Tesla (TSLA) is the ultimate example of just how ridiculous things had gotten. It could almost HALVE and still maintain its bull market trendline (purple line).
Is this going to be a crash? For some parts of the market it will feel like it. For others, the selling will be less dramatic.
However, this DOES present us with the first REAL opportunity to profit from a collapse since the March lows.
In light of this, we’ve reopened our Stock Market Crash Survival Guide to the general public.
Within its 21 pages we outline which investments will perform best during a market meltdown as well as how to take out “Crash insurance” on your portfolio (these instruments returned TRIPLE digit gains during 2008).
We are making 100 copies available to the public.
To pick up your copy of this report, FREE, swing by:
Chief Market Strategist
Phoenix Capital Research