Technically I would add at $5.50, the 200 dma and that is my provisional target. But, I'm also worried about the macro picture, as you've seen me imply, and I believe that the various cracks in the financial system are starting to show and are making worrisome squeaking noises - that sound you hear just before everything falls down on you head.
I think the odds are that it will get much worse before it gets better, and when it happens, history teaches that it will happen very fast.
A few ships transiting the Strait are not going to change that. Inflation is now unleashed (due to the price of oil/gas/fertilizer), hiring is down, layoffs are growing, consumer buying power is taxed, reports of stresses in the private equity lending arena (now termed "cockroaches") will start to become more evident.
All of this is largely caused by the profoundly stupid and corrupt fascist morons at the wheel in D.C., and when the stuff hits the fan they will have no idea what to do except blame it on Biden and Obama, (and start locking up the political opposition if things get really out of hand.)
Add international concerns, like Russia and China newly strengthened and emboldened for mischief in light of the diminishment of US perceived power and the weakening of NATO by the Dear Leader, along with shortages in various countries stirring deep unrest globally, I think it's inevitable that we are in for a tough time and the stock market is currently whistling past the graveyard.
Caveat: I've been wrong before. LOL!
The more you know, the less you don't know.
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