JP Morgan head Jamie Dimon told investors not to be too surprised if geopolitical concerns including a trade war with China could slow the U.S. economy.
While Dimon was signaling a tone of caution, technical chart analysts were bucking the trend and saying the charts say this is a buying opportunity. Katie Stockton, the founder of Farleid Strategies, claimed the “market internals” are screaming that this is the best buying opportunity since early February. She is optimistic that over the next two weeks the market will be in positive territory.
According to the company’s charts, investor sentiment went overboard on pessimism and perhaps investors were looking for reasons to be pessimistic despite data evidence to the contrary. Long term, investors will need to check the hard data with geopolitical news and decide if they believe the charts or the forecasters. But as the old joke cautions, economists have predicted six out of the last three recessions...
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