RE: Market Turmoil26 Feb 2020 09:35
We are in a correction phase as a worldwide market now. This is no particular reflection on AFC as a whole, some days it's held up where others have fallen, today it's having a larger fall. Not that AFC pick and choose when to release news, though this week would be a very bad time to do so.
This virus has been a trigger to what has been new all time highs repeatedly for many weeks. Although we have not seen all time highs at AFC recently, large investors take out their money at these times and find a safe haven to place their funds. We are part of the market, and therefore we will see a drop in line with the rest of the market.
The news today is not good on the virus, this spreads fear, uncertainty and doubt in the market and we will see another red day, sellers are in control. I know not many people are technical traders here, and I don't look at AFC for technicals personally, though as a market we can look at the bigger picture. Take the S&P 500, this has broken through many resistance levels, we would like to see buyers return now at around the 3020 level, this would give us good indications that the market has found it's bottom, it would also coincide with a market correction of around 10% which are common throughout history. The virus has not yet hit America so it will be interesting to follow this.
On the plus side, if the market decides it has found a bottom, this will lead to a significant bounce. AFC are close to releasing the news we all want, going on the latest blog. If by some miracle the news is released when the market turns, this would be extra beneficial for us, remember when the buyers do return, they will return in force to grab what they consider a bargain. Hydrogen is still the hot topic, even a pandemic will not stop this.
So for now, we should relax, let the markets have their correction, turn off your screens and maybe check back on Friday or next week.