This story was originally published here.
Is the correction over? It may not look that way yet in some market indices — and many stocks for that matter. But under the surface, the Nasdaq Composite and many of its most influential tech stocks’ price charts are warning otherwise and advising investors it’s nearly time to buy more smartly.
If you’re a superstitious kind of investor, the proposition of the market having bottomed isn’t going to be an easy one to accept. The Nasdaq Composite’s corrective loss does stand at the numerologically unlucky 13%. That low also formed over 13 days. And of course, investors are still faced with the month of October. Boo!
Still, there is solid evidence indicating a low has formed.
The fact is most corrections don’t grow into full-blown bear markets. And 13% isn’t a run-of-the-mill pullback unworthy of becoming an intermediate low. Also and appreciatively, the VIX — or fear index — has optimistically warned investors that overly confident bulls have been sufficiently spooked.
Of course some may see the massive disconnect between a still-struggling Main Street and a Wall Street fueled by the Federal Reserve and a handful of trillion-dollar, hyper-influential growth stocks and believe it has to get uglier first.
That’s understandable, but the reality is it doesn’t…
Editor's Note: Click here to keep reading.
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Editor, Alpha Investor Report