We'll know this week if the low is in
November 10, 2022
Knox Ridley
Portfolio Manager
Weekly Stock Market Levels - 11/10/22
While everyone is focused on tech leading us lower, few are noticing that value may be leading us higher. Rates and the dollar continue to not make new highs after the FED's hawkish speech, as value maintains leadership int the new uptrend developing. The DOW's low is in, as the NASDAQ could make one more low. This will only increase the buying opportunity that we see unfolding. If the S&P 500 can go above the 3912 level, which was the high going into the FED speech, then we have confirmation of a meaningful low being put in on October 13th. I expect some stocks to make new lows, and we are seeing that. But, if rates, financials and industrial do not breakdown, we probably will not see a direct drop towards SPX 3200 this year.
11/10 Broad Market Levels Timestamps:
00:00 - Intro/The Blue Count Scenario
01:08 - The Gap Down Scenario
01:47 - Two Key Areas
03:41 - Dow Jones Bullish Signal
04:45 - The Fed and Interest Rates
06:44 - Global Markets
08:55 - Outro
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About I/O Fund Portfolio Manager Knox Ridley
Knox Ridley began consulting on portfolios in 2007 and is an experienced growth investor in both bull and bear markets, which is hard to find these days. As the portfolio manager of the I/O Fund, he beat the top-performing funds on Wall Street in both 2020 and in 2021. His real-time trade notifications to premium subscribers have garnered 27 entries with over 100% gains in the last two years. Knox began his career as an ETF wholesaler in 2007 before becoming a portfolio consultant for large RIAs, FAs, and Institutional accounts. He is very keen on macro trends and is trained in Fibonacci Trading, Elliott Wave theory, as well as Gann Cycles. He also uses classical technical analysis to manage risk and identify great risk/reward setups. Knox is known for increasing and decreasing allocations for record-breaking returns.
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