Brown bear (Ursus arctos) standing on his hind legs in the spring forest

Not A Strong Finish For Stocks On March 19

This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.

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MARCH 19, 2021



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It was actually a rather boring day, with the S&P 500 range-bound for most of it. The S&P 500 fell by around 6 bps to close at 3,913. The pattern isn’t that strong overall and is actually very concerning looking. There is a potential for a double top pattern forming, with a decline below 3,725, confirming it. It is clearly still far away, but markets can move fast. Additionally, the RSI is starting to show serious signs of deterioration.


The VIX managed to close over 21 today, so my 20 being the low end of the range and 3,950-3,960 being the upper end of the S&P 500 continues to remain in play. It wasn’t pleasant at times this week, but that’s just how it goes.

Apple (AAPL)

Apple finished the day lower and below $120. I’m concerned the stock has further to fall. It has been very weak, and its valuation is not favorable in this higher rate environment. There was a notable bearish bet placed in the stock that I picked up on today. I still think that $110 is possible, but the first stop is likely at $116.(Reading The Markets premium content – 1st 2-Weeks Free Apple’s Recent Decline Isn’t Over Just Yet)

Wells Fargo (WFC)

I noted today that I thought Wells Fargo could be heading lower from here for a period of time. The stock has had such a big run, it likely needs a pause, and $33.60 seems like a reasonable place to settle. (Should be free to read- Wells Fargo’s Bull Run May Be Over)


It’s Friday more over the weekend!


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