We Think the Bottom for this Mild Correction may have Happened this Past Thursday on February 24th

posted Feb 28, 2022, 10:08 PM by Intelligent Investor   [ updated Mar 2, 2022, 3:08 PM ]
We do not see a recession in the near horizon. The U.S. economy is still growing. The Federal Reserve is still accommodative. The only thing we see is people panicking. On February 24, 2022, Russia invaded Ukraine. The Dow Jones and the S&P 500 re-tested its lows for the year at a 10% correction. Gladly they both came back. The Nasdaq, which has been overvalued for quite some time, also re-tested its lows for the year at a 20% correction. Surprisingly, it also came back. That day was a good time to buy stocks at a discount. It was like having a President's Day Sale.
The Dow has been up a bit over 1600 points since the 24th, we don't think it's going back down. Although we might be wrong, we just have to wait and see. But that day seems like it was the bottom for this mild correction. Everyone is expecting volatility in the coming days, but we think the overall direction this market is going is up, up, up, and away!