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Expect a pullback. Please don’t get comfortable.

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JUNE 08 2023
 
   
JEFFRY TURNMIRE’S MARKET MONSTER
2 Minute Warning: Time To Be Careful
 
 
 

You don’t usually get Jeffry opening a show with 2 straight minutes of warnings about a potential pullback, but here we are. Jeffry warns us that the risks for a pullback are piling up.

With CPI, PPI, FOMC, Rate change, and a HUGE options expiration coming next week, Jeffry implores us: expect volatility. Those who think we are heading straight for new all-time highs could be in for a surprise… Plus, see what’s popping and dropping today.

 
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SCOTT WELSH
Time for Banks? (JPM)
 

In our last correspondence, we wondered if it was time for summer blockbusters.

The answer seems to be yes as CNK is moving up strongly.

And before that, we talked about DV, and that broke out and is moving also.

And now we’ve arrived at a weird moment.

With all the doom and gloom and all the experts calling for 50% crashes, we’re almost in a Bull Market again.

We’re nearly 20% up from the bottom last October. If we hit $429.15 on the SPY, it’s official.

The Bulls will be back.

And if we hit that mark and the Bull Market recommences, that will bring a lot of stocks with it.

Maybe even the forlorn banks.

After crashing in the crisis, JPM has been working its way back.

Now it’s above its long-term moving average and looks ready to break through resistance:

 
 
If it breaks through $143.40, it could be ready for a bullish run.

These are strange times.

And maybe bullish times.

Happy trading,

Scott Welsh
   
 

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