Morning Comment: Too early to "buy on weakness"

  • The "internals" during yesterday's rally were mediocre.
  • The call buying in AAPL was huge yesterday, so very little froth has been wrung out of the market. (Many mega-cap tech stocks are still quite overbought on an intermediate-term basis.)
  • It's usually a "second decline" (after a "failed rally") that finally dampens the froth when it gets as extreme as has recently.
  • Therefore, we believe that investors will get a better chance to "buy on weakness" in the week's ahead.

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Posted to The Maley Report on Sep 10, 2020 — 8:09 AM
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