It was a wild end to a wild week, but Coach Dale does not believe we are out of the woods when it comes to U.S. equities.
“I don’t think it’s going to generate a move to all-time highs until we see my downside targets so I think, you know bears feast on Thanksgiving before they go into hibernation, they have to put on some pounds. No picnic baskets like Yogi could get from Mr. Ranger.”
In the chat, Paul pointed out that lucky for us, Coach is smarter than the average bear! Dale’s current view - “I wouldn’t be long anything right now.”
Even GOOG? Yes, Google was one of the bright spots in a brutal week for tech, bucking the trend finishing up 3% Friday on the back of enthusiam around the release of Gemini 3, but Coach says he would be taking profits there. “If you look at the daily…It’s a glaring divergence here. I’d be careful with Google longs as well…..This is the one everyone is really piled into.”
The US dollar also showed some surprising strength. Dale thinks there may be an opportunity here for continued gains, but this looks like a bear market rally to him so he is being very tactical.
Thanks to Michael Nicoletos for joining us for the live video! If you haven’t read his terrific Substack on China
And please join me for my next live video in the app.
