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Market Summary
· Most indexes, except NDX, have reached the targets I was posting in the premium section! 💵
· What is next?
· I also indicated on Sunday that a relatively strong 10D cycle should peak in the first part of the week so that it can turn down any time now. 👇️
· This could rhyme with a correction I expected for this week.
· Although cycles indicate some strength until early June, that can be another oversold bounce.
· VXX reached its target and can reverse right here or from a slightly lower level. Expect the market volatility to pick up soon.
· It is still a good strategy to sell the rips (RIPs), i.e., raise cash. 🤑
· My intermediate- and long-term views have not changed. They are bearish.
Market data as of close on 6 May 2024.
Warren Buffett on India
At Warren Buffett's Berkshire Hathaway's annual meeting in 2024, he acknowledged that India has "unexplored opportunities" but indicated Berkshire Hathaway might not be the one to pursue them at this time.
Here's a breakdown of what he said:
He acknowledged the presence of "loads of opportunities" in India.
He expressed some reservations about Berkshire Hathaway's ability to capitalize on these opportunities due to limitations like:
Lack of deep insights into Indian businesses.
Absence of strong connections that could facilitate transactions.
He hinted that future management, focusing more on new opportunities, might be better positioned to explore these possibilities.
In summary, Buffett expressed a positive outlook on India's potential but didn't commit to any immediate investment plans for Berkshire Hathaway.
India’s Market (INDY & INDA) Cycles
· I posted charts on INDY and INDA, several weeks ago, that call for a significant correction this year.
· But that should be just wave (2) and India’s stock market should continue its bull phase after that.
· Below is the daily chart cycle composite of INDY that supports my thesis based on the most likely EW count.
· The weekly cycle composite of INDA suggests that about 2.75Y cycle is dominant and can provide good trade opportunities.
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Cycle Analysis of Major Indexes
We noted on Sunday for SPX that a relatively strong 10D cycle should peak in. . .
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