Sooooo, what were some traders worried about again? Because the April selloff looks like nothing more than a memory here in mid-May.
Just look at the MoneyShow Chart of the Week below showing the Invesco QQQ Trust (QQQ). Sure, we had some shaky days last month. We knifed through the 50-day moving average on April 15, then suffered another high-volume selloff April 19.
Data by YCharts.com
But we carved out a secondary, higher low on May 2. Then we recaptured the 50-day MA on May 6. As you can see, too, the whole episode was much milder than what we saw last August-October...at least so far.
My takeaway? This remains a “Be Bold” market. One that rewards offense over defense – and bargain-hunting over stock dumping. That can always change down the road. But until the technical backdrop deteriorates, betting that way seems like a low-odds play.
